adjusted cash value
Defined in 1 place of the United States Code.
For purposes of clause (i), the term “adjusted cash value” means the cash surrender value of the policy or contract increased by the sum of—
(I) commissions payable with respect to such policy or contract for the taxable year, and
(II) asset management fees, surrender charges, mortality and expense charges, and any other fees or charges specified in regulations prescribed by the Secretary which are imposed (or which would be imposed were the policy or contract canceled) with respect to such policy or contract for the taxable year.
Source
- 1997–present26 U.S.C. § 805Internal Revenue Code · General deductions · for purposes of this part
For purposes of clause (i), the term "adjusted cash value" means the cash surrender value of the policy or contract increased by the sum of—
(I) commissions payable with respect to such policy or contract for the taxable year, and
(II) asset management fees, surrender charges, mortality and expense charges, and any other fees or charges specified in regulations prescribed by the Secretary which are imposed (or which would be imposed were the policy or contract canceled) with respect to such policy or contract for the taxable year.
[(5) Repealed. Pub. L. 115–97, title I, §13511(b)(5), Dec. 22, 2017, 131 Stat. 2142]
Source
- 2017–201826 U.S.C. § 805Internal Revenue Code · General deductions · for purposes of this part