Internal Revenue Code:Sec. 6052. Returns regarding payment of wages in the form of group-term life insurance

From TaxAlmanac

Location in Internal Revenue Code

     TITLE 26 - INTERNAL REVENUE CODE
      Subtitle F - Procedure and Administration
       CHAPTER 61 - INFORMATION AND RETURNS
        Subchapter A - Returns and Records
         PART III - INFORMATION RETURNS
          Subpart C - Information Regarding Wages Paid Employees
        

Statute

    Sec. 6052. Returns regarding payment of wages in the form of
        group-term life insurance
 
    (a) Requirement of reporting
      Every employer who during any calendar year provides group-term
    life insurance on the life of an employee during part or all of
    such calendar year under a policy (or policies) carried directly or
    indirectly by such employer shall make a return according to the
    forms or regulations prescribed by the Secretary, setting forth the
    cost of such insurance and the name and address of the employee on
    whose life such insurance is provided, but only to the extent that
    the cost of such insurance is includible in the employee's gross
    income under section 79(a). For purposes of this section, the
    extent to which the cost of group-term life insurance is includible
    in the employee's gross income under section 79(a) shall be
    determined as if the employer were the only employer paying such
    employee remuneration in the form of such insurance.
    (b) Statements to be furnished to employees with respect to whom
        information is required
      Every employer required to make a return under subsection (a)
    shall furnish to each employee whose name is required to be set
    forth in such return a written statement showing the cost of the
    group-term life insurance shown on such return.  The written
    statement required under the preceding sentence shall be furnished
    to the employee on or before January 31 of the year following the
    calendar year for which the return under subsection (a) was
    required to be made.
 

Sources

    (Added Pub. L. 88-272, title II, Sec. 204(c)(1), Feb. 26, 1964, 78
    Stat. 37; amended Pub. L. 94-455, title XIX, Sec. 1906(b)(13)(A),
    Oct. 4, 1976, 90 Stat. 1834; Pub. L. 99-514, title XV, Sec.
    1501(c)(14), Oct. 22, 1986, 100 Stat. 2740.)
 

Miscellaneous

                                 AMENDMENTS
      1986 - Subsec. (b). Pub. L. 99-514, in amending subsec. (b)
    generally, substituted ''information is required'' for
    ''information is furnished'' in heading, and in text substituted
    reference to employers required to make a return for former
    reference to employers making a return and reference to employees
    whose name is required to be set forth for former reference to
    employees whose name is set forth.
      1976 - Pub. L. 94-455 struck out ''or his delegate'' after
    ''Secretary'' wherever appearing.
                      EFFECTIVE DATE OF 1986 AMENDMENT
      Amendment by Pub. L. 99-514 applicable to returns the due date
    for which (determined without regard to extensions) is after Dec.
    31, 1986, see section 1501(e) of Pub. L. 99-514, set out as an
    Effective Date note under section 6721 of this title.
                               EFFECTIVE DATE
      Section applicable to group-term life insurance provided after
    Dec. 31, 1963, in taxable years ending after such date, see section
    204(d) of Pub. L. 88-272, set out as a note under section 79 of
    this title.
 

References

                   SECTION REFERRED TO IN OTHER SECTIONS
      This section is referred to in sections 79, 6041A, 6724 of this
    title.