A bill to amend the Internal Revenue Code of 1954 to exclude from the gross estate the amount of any life insurance on the decedent which is payable to a beneficiary other than the decedent's estate to the extent that such insurance is attributable to premiums paid by the beneficiary.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to exclude from the estate tax, life insurance benefits to the extent that the beneficiary paid the premiums on the policy. Treats premiums paid by the decedent as paid by the beneficiary where the beneficiary is the surviving spouse.…