[Code of Federal Regulations]
[Title 26, Volume 8]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR1.823-1]

[Page 716]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
Determination of Tax Liability--Table of Contents
 
Sec. 1.823-1  Net premiums.

    Net premiums are one of the items used, together with interest, 
dividends, and rents, less dividends to policyholders and wholly tax-
exempt interest, in determining tax liability under section 821(a)(2). 
They are also used in section 822(c)(6) in determining the limitation on 
certain capital losses and in the application of section 1212. The term 
``net premiums'' is defined in section 823(1) and includes deposits and 
assessments, but excludes amounts returned to policyholders which are 
treated as dividends under section 823(2).