Irc Section 79

Tax benefits are available for both employers and participating employees under certain conditions.
Irc section 79. Code unannotated title 26. Irc section 79 calculating the tax liability in a non discriminatory section 79 plan the first 50 000 of coverage is provided free to all employees. Internal revenue code 79.
There are no tax consequences if the total amount of such policies does not exceed 50 000. Group term life insurance purchased for employees. In applying section 79 b of the internal revenue code of 1986 as added by subsection a 1 of this section to a taxable year beginning before may 1 1964 if paragraph 2 b of such section applies with respect to an employee for the period beginning may 1 1964 and ending with the close of his first taxable year ending after april 30 1964 such paragraph 2 b shall be treated as applying with respect to such employee for the period beginning january 1 1964 and ending april 30.
Federal income tax law concerning term life insurance plans provided by employers. 79 u s. Any group coverage over this amount is deemed a benefit for which the employee must pay.
In applying section 79 b of the internal revenue code of 1986 as added by subsection a 1 of this section to a taxable year beginning before may 1 1964 if paragraph 2 b of such section applies with respect to an employee for the period beginning may 1 1964 and ending with the close of his first taxable year ending after april 30 1964 such paragraph 2 b shall be treated as applying with respect to such employee for the period beginning january 1 1964 and ending april 30 1964.