Let me illustrate... - Support: sr #106573, Solve for tax basis
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sr #106573: Solve for tax basis
Submitter: | Greg Chicares <chicares> | ||
Submitted: | Sat 06 Dec 2008 05:33:39 PM UTC | ||
Category: | Calculations | Status: | Done |
Priority: | 5 - Normal | Severity: | 3 - Normal |
Assigned to: | chicares | Open/Closed: | Closed |
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Depends on the following items: None found
Items that depend on this one: None found
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Follow 3 latest changes.
Date | Changed by | Updated Field | Previous Value | => | Replaced by |
---|---|---|---|---|---|
2017-08-09 | chicares | Status | Ready For Test | Done | |
Open/Closed | Open | Closed | |||
2008-12-08 | chicares | Status | None | Ready For Test |
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Corresponding source code
Solve to make surrender value equal tax basis in target year.
Suppose premium is split between er and ee, but ownership isn't:
the ee is the sole owner. At retirement, er payments naturally
cease, and the ee may surrender the contract, exactly recovering
the full basis with no taxable gain. The ee gets the advantage
of treating er payments as basis.