A bill to amend section 815 of the Internal Revenue Code of 1954.

[AI summary unavailable — showing source text] Provides, under the Internal Revenue Code, that no amount shall be subtracted from a taxpayer's life insurance policyholders surplus account with respect to a distribution made during the last month of the taxable year which would be treated in whole or in part as a distribution out of the policyholders surplus account, to the extent that amounts so distributed are returned to the taxpayer not later than the time prescribed by law (including extensions) for filing the taxpayer's return for the taxable year in which the distribution was made.…