A bill to amend the Internal Revenue Code of 1954 to make clear the tax treatment intended for guaranteed renewable life, health, and accident insurance contracts in the case of life insurance companies.

[AI summary unavailable — showing source text] Stipulates, under the Internal Revenue Code, the tax treatment intended for guaranteed renewable life, health, and accident insurance contracts in the case of life insurance companies. States that, for purposes of determining deductions, the period for which any contract is issued or renewed includes the period for which such contract is guaranteed renewable.…