Delayed payment of proceeds from Life Assurance - how to record?

[Mike or Penny Novack]

>
>
> Taxation of Life Assurance can be weird particularly if they are used 
> as savings or tax havens and your jurisdiction is probably different 
> to mine, etc. I'm just saying what the natural transfers are, OK?
>
Absolutely -- please do get professional tax advice on this. In this 
case, sort of was my line of country as in my working days I wrote 
software for one of the world's largest insurance companies. I know that 
at least some jurisdictions would tax as capital gains income the cash 
value minus the total of premiums paid in case of an early surrender of 
a cash value policy. For example, when I retired and surrendered my 
"split dollar" policies, the profit was taxable.


Michael D Novack, FLMI  (which title would indicate to those who 
recognized it, that I must know something about life insurance)


-- 
There is no possibility of social justice on a dead planet except the equality of the grave.