From: Jeffrey Epstein <jeevacation®gmail.com>
To: Eileen Alexanderson
Subject: Re: split $ memo issue
Date: Mon, 22 Apr 2013 20:08:09 +0000
well done, now why are they a limited partner,
On Mon, Apr 22, 2013 at 3:56 PM, Eileen Alexanderson < > wrote:
In my files I have an annual letter that says "Leon must report or contribute the economic benefit of his Split-
Dollar life insurance plans as income for income tax purposes. This same amount represents the annual value
of the gift for gift tax purposes". With it comes a "reportable income and annual gift on a policy by policy
basis which Tom has used as he prepares the annual gift tax return for Leon. I checked with Ada also. Elyse is
referring to the requirement to evaluate split dollar life insurance plans as to the extent of the economic benefit
that is considered taxable ordinary income to the employee. The taxable ordinary income to the employee is
the premium cost of one-year term insurance on the life of the employee minus that portion of the premium
paid by the employee. If the employee pays that portion of the premium that is in excess of the economic
benefit, the employee incurs no ordinary income tax liability. The premium cost of one-year term insurance at
each age is listed in this PS 58 IRS table.
Eileen Alexanderson
Black Family Partners.
ment
19
phone:
email:
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