Page 93 - Tax Reform

PUBLIC LAW 115–97—DEC. 22, 2017 131 STAT. 2143

‘‘(i) it is of a type traditionally carried on by life
insurance companies for investment purposes, but only
if the carrying on of such activity (other than in the
case of real estate) does not constitute the active con-
duct of a trade or business, or
‘‘(ii) it involves the performance of administrative
services in connection with plans providing life insur-
ance, pension, or accident and health benefits.’’.
(2) Section 465(c)(7)(D)(v)(II) is amended by striking ‘‘sec- 26 USC 465.
tion 806(b)(3)’’ and inserting ‘‘section 453B(e)(3)’’.
(3) Section 801(a)(2) is amended by striking subparagraph
(C).
(4) Section 804 is amended by striking ‘‘means—’’ and
all that follows and inserting ‘‘means the general deductions
provided in section 805.’’.
(5) Section 805(a)(4)(B), as amended by this Act, is amended
by striking clause (i) and by redesignating clauses (ii), (iii),
and (iv) as clauses (i), (ii), and (iii), respectively.
(6) Section 805(b)(2)(A), as amended by this Act, is amended
by striking clause (iii) and by redesignating clauses (iv) and
(v) as clauses (iii) and (iv), respectively.
(7) Section 842(c) is amended by striking paragraph (1)
and by redesignating paragraphs (2) and (3) as paragraphs
(1) and (2), respectively.
(8) Section 953(b)(1), as amended by section 13511, is
amended by striking subparagraph (A) and by redesignating
subparagraphs (B) and (C) as subparagraphs (A) and (B),
respectively.
(c) EFFECTIVE DATE.—The amendments made by this section 26 USC 453B
shall apply to taxable years beginning after December 31, 2017. note.
SEC. 13513. ADJUSTMENT FOR CHANGE IN COMPUTING RESERVES.
(a) IN GENERAL.—Paragraph (1) of section 807(f) is amended
to read as follows:
‘‘(1) TREATMENT AS CHANGE IN METHOD OF ACCOUNTING.—
If the basis for determining any item referred to in subsection
(c) as of the close of any taxable year differs from the basis
for such determination as of the close of the preceding taxable
year, then so much of the difference between—
‘‘(A) the amount of the item at the close of the taxable
year, computed on the new basis, and
‘‘(B) the amount of the item at the close of the taxable
year, computed on the old basis,
as is attributable to contracts issued before the taxable year
shall be taken into account under section 481 as adjustments
attributable to a change in method of accounting initiated by
the taxpayer and made with the consent of the Secretary.’’.
(b) EFFECTIVE DATE.—The amendments made by this section 26 USC 807 note.
shall apply to taxable years beginning after December 31, 2017.
SEC. 13514. REPEAL OF SPECIAL RULE FOR DISTRIBUTIONS TO SHARE-
HOLDERS FROM PRE-1984 POLICYHOLDERS SURPLUS
ACCOUNT.
(a) IN GENERAL.—Subpart D of part I of subchapter L is
amended by striking section 815 (and by striking the item relating 26 USC
to such section in the table of sections for such subpart). prec. 811.
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(b) CONFORMING AMENDMENT.—Section 801 is amended by
striking subsection (c).