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TREAS/IRS RIN: 1545-BH11 Publication ID: Fall 2008 
Title: Application of Section 338 to Insurance Companies 
Abstract: These proposed regulations by reference to temporary regulations incorporated within TD 9257 (71 FR 17990) provide guidance in the following areas: Guidance is provided with regard to the determination of the adjusted basis of section 197 amortizable assets resulting from certain reinsurance transactions and the interplay of those rules with regard to the requirement for the capitalization by insurance companies of policy acquisition expenses. These proposed regulations by reference to the temporary regulations provide rules that apply to insurance reserve increases by a new target insurance company after a stock purchase which is treated as a deemed asset sale under section 338. Additionally, these proposed regulations by reference to temporary regulations also allow the new target insurance company in a deemed asset sale to use the historical loss payment pattern elected by the old target under section 846(e) to continue to be used by new target insurance company, unless new target chooses to revoke that existing election. 
Agency: Department of the Treasury(TREAS)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Long-Term Actions 
Major: No  Unfunded Mandates: No 
CFR Citation: 26 CFR 1.197-2    26 CFR 1.338-1    26 CFR 1.338-11    26 CFR 1.846-2    26 CFR 1.846-4    ...     (To search for a specific CFR, visit the Code of Federal Regulations.)
Legal Authority: 26 USC 7805    26 USC 197(f)(5)    26 USC 338    26 USC 846(e)   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  03/08/2002  67 FR 10641   
Public Hearing  09/18/2002    
Next Action Undetermined  To Be Determined    
Additional Information: REG-118861-00 Drafting attorney: William T. Sullivan (202) 622-7052 Reviewing attorney: Donald J. Drees (202) 622-3970 Treasury attorney: Mark Smith (202) 622-0180 CC: FIP
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: No  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Related RINs: Related to 1545-AY49 
Agency Contact:
William T. Sullivan
Attorney
Department of the Treasury
Internal Revenue Service
1111 Constitution Avenue NW., Room 3550,
Washington, DC 20224
Phone:202 622-7052
Fax:202 622-6275
Email: william.t.sullivan@irscounsel.treas.gov