The IRS has released an advance version of Rev. Rul. 2020-05 that updates guidance previously provided in Rev. Rul. 2009-13 and Rev. Rul. 2009-14 for adjustments to basis for life insurance contracts to account for the changes to section 1016(a), as amended by the Tax Cuts and Jobs Act.
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.