[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: 26CFR1.823-4]

[Page 717]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
Determination of Tax Liability--Table of Contents
 
Sec. 1.823-4  Net premiums.

    Net premiums are one of the items used, together with the gross 
amount of income during the taxable year from the items described in 
section 822(b) (other than paragraph (1)(D) thereof), 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).

[T.D. 6610, 27 FR 8722, Aug. 31, 1962]