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TREAS/IRS RIN: 1545-BO59 Publication ID: Spring 2020 
Title: Exception From Passive Income Under Section 1297 for Certain Foreign Insurance Companies 

Final regulations under section 1297(b)(2)(B) and 1297(f) addressing when a foreign insurance company's income is excluded from passive income under section 1297(a).  The proposed regulation requires that income be derived in the "active conduct" of an "insurance business" by a "qualifying insurance corporation" proposing a definition for each of these terms.

Agency: Department of the Treasury(TREAS)  Priority: Other Significant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: Undetermined  Unfunded Mandates: No 
EO 13771 Designation: Other 
CFR Citation: 26 CFR 1   
Legal Authority: 26 U.S.C. 7805    26 U.S.C. 1297   
Legal Deadline:  None
Action Date FR Cite
NPRM; and Withdrawal of NPRM  07/11/2019  84 FR 33120   
NPRM Comment Period End  09/09/2019 
Final Action  06/00/2020 
Additional Information: REG-105474-18 Drafting attorney: Josephine Firehock (202) 317-6938 Reviewing attorney: Peter Merkel (202) 317-6938 Treasury attorney: Brett York (202) 622-1285 CC:INTL
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 
Agency Contact:
Josephine H. Firehock
Department of the Treasury
Internal Revenue Service
1111 Constitution Avenue NW.,
Washington, DC 20224
Phone:202 317-4932
Fax:855 589-8672