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[lmi-commits] [lmi] master 4e2e158 11/17: Relocate MecFootnote
From: |
Greg Chicares |
Subject: |
[lmi-commits] [lmi] master 4e2e158 11/17: Relocate MecFootnote |
Date: |
Fri, 25 Sep 2020 17:16:16 -0400 (EDT) |
branch: master
commit 4e2e158af792ec7202bd654580b162a7ca498f4c
Author: Gregory W. Chicares <gchicares@sbcglobal.net>
Commit: Gregory W. Chicares <gchicares@sbcglobal.net>
Relocate MecFootnote
This means that 'MecYearIs0' can be liquidated.
---
finra_notes1.mst | 19 +------------------
ill_reg_narr_summary2.mst | 20 +-------------------
reg_d_group_narr_summary.mst | 36 +-----------------------------------
reg_d_indiv_notes2.mst | 27 +--------------------------
4 files changed, 4 insertions(+), 98 deletions(-)
diff --git a/finra_notes1.mst b/finra_notes1.mst
index 94fbc85..f4c26cf 100644
--- a/finra_notes1.mst
+++ b/finra_notes1.mst
@@ -25,26 +25,9 @@
<font size="-1">
-<!-- PDF !! MecFootnote -->
<p align="center"><b>IMPORTANT TAX DISCLOSURE</b></p>
<p>
-As illustrated, this {{ContractName}}
-{{#IsMec}}
- becomes
-{{/IsMec}}
-{{^IsMec}}
- would not become
-{{/IsMec}}
-a Modified Endowment Contract (MEC)
-{{#IsMec}}
- under the Internal Revenue Code in year {{MecYearPlus1}}.
-{{/IsMec}}
-{{^IsMec}}
- under the Internal Revenue Code.
-{{/IsMec}}
-To the extent of gain in the {{ContractName}}, loans, distributions
-and withdrawals from a MEC are subject to income tax
-and may also trigger a penalty tax.
+ {{MecFootnote}}
</p>
{{^IsInforce}}
diff --git a/ill_reg_narr_summary2.mst b/ill_reg_narr_summary2.mst
index 56cc86c..850a2fb 100644
--- a/ill_reg_narr_summary2.mst
+++ b/ill_reg_narr_summary2.mst
@@ -118,26 +118,8 @@ The state of issue is {{StateOfJurisdiction}}.
<font size="-1">
-<!-- PDF !! MecFootnote -->
-<!-- This is not appropriate for composites. -->
<p>
-As illustrated, this {{ContractName}}
-{{#IsMec}}
- becomes
-{{/IsMec}}
-{{^IsMec}}
- would not become
-{{/IsMec}}
-a Modified Endowment Contract (MEC)
-{{#IsMec}}
- under the Internal Revenue Code in year {{MecYearPlus1}}.
-{{/IsMec}}
-{{^IsMec}}
- under the Internal Revenue Code.
-{{/IsMec}}
-To the extent of gain in the {{ContractName}}, loans, distributions
-and withdrawals from a MEC are subject to income tax
-and may also trigger a penalty tax.
+ {{MecFootnote}}
</p>
{{^SinglePremium}}
diff --git a/reg_d_group_narr_summary.mst b/reg_d_group_narr_summary.mst
index 2e83a23..1ca27a1 100644
--- a/reg_d_group_narr_summary.mst
+++ b/reg_d_group_narr_summary.mst
@@ -59,44 +59,10 @@ Account values, cash surrender values, and death benefits
are illustrated as of the end of the year.
</p>
-<!-- PDF !! MecFootnote -->
-{{!
-PDF !! The 'MecYearIs0' logic below is poor and should be reworked--see:
- https://lists.nongnu.org/archive/html/lmi/2019-02/msg00000.html
-}}
<p>
PLEASE READ THE FOLLOWING IMPORTANT TAX DISCLOSURE
<br>
-The initial 7-pay premium limit is ${{InitSevenPayPrem}}.
-As illustrated, this contract
-{{#IsMec}}
- fails
-{{/IsMec}}
-{{^IsMec}}
- passes
-{{/IsMec}}
-the seven-pay test defined in Section 7702A
-of the Internal Revenue Code and therefore
-{{#IsMec}}
- {{^MecYearIs0}}
- becomes a Modified Endowment Contract (MEC) in policy year
- {{MecYearPlus1}}.
- {{/MecYearIs0}}
- {{#MecYearIs0}}
- is a Modified Endowment Contract (MEC).
- {{/MecYearIs0}}
- As a MEC, any loans or withdrawals are taxed to the extent
- of any gain in the contract, and an additional 10% penalty
- tax will apply to the taxable portion of the loan
- or withdrawal.
-{{/IsMec}}
-{{^IsMec}}
- is not a Modified Endowment Contract (MEC).
- Subsequent changes in the contract, including but not limited
- to increases and decreases in premiums or benefits, may cause
- the contract to be retested and may result in the contract
- becoming a MEC.
-{{/IsMec}}
+ {{MecFootnote}}
</p>
<p>
diff --git a/reg_d_indiv_notes2.mst b/reg_d_indiv_notes2.mst
index b19f33f..8d181c5 100644
--- a/reg_d_indiv_notes2.mst
+++ b/reg_d_indiv_notes2.mst
@@ -36,33 +36,8 @@
{{FnDefnLifeIns}}
</p>
-<!-- PDF !! MecFootnote -->
<p>
-The initial 7-pay premium limit is ${{InitSevenPayPrem}}.
-As illustrated, this policy
-{{#IsMec}}
- fails
-{{/IsMec}}
-{{^IsMec}}
- passes
-{{/IsMec}}
-the seven-pay test defined in Section 7702A
-of the Internal Revenue Code and therefore
-{{#IsMec}}
- becomes a Modified Endowment Contract (MEC)
- in policy year {{MecYearPlus1}}.
-{{/IsMec}}
-{{^IsMec}}
- is not a Modified Endowment Contract (MEC). Subsequent changes
- to the policy, including but not limited to increases
- and decreases in premiums or benefits, may cause the policy
- to be retested and may result in the policy becoming a MEC.
-{{/IsMec}}
-</p>
-<p>
-If a policy is a MEC, withdrawals and policy loans are taxed to
-the extent of any gain in the policy, and an additional penalty
-tax may apply to the taxable portion of the distribution.
+ {{MecFootnote}}
</p>
<p>
- [lmi-commits] [lmi] master updated (5c8e544 -> 92a94aa), Greg Chicares, 2020/09/25
- [lmi-commits] [lmi] master b099379 01/17: Move remaining "Fn" strings out of MFT into product files, Greg Chicares, 2020/09/25
- [lmi-commits] [lmi] master 28e098d 02/17: Relocate certain rider amounts, Greg Chicares, 2020/09/25
- [lmi-commits] [lmi] master 715f90f 04/17: Relocate 'SpouseFootnote', Greg Chicares, 2020/09/25
- [lmi-commits] [lmi] master f8ce185 03/17: Relocate 'ChildFootnote', Greg Chicares, 2020/09/25
- [lmi-commits] [lmi] master f7c3743 05/17: Relocate MortalityBlendFootnote, Greg Chicares, 2020/09/25
- [lmi-commits] [lmi] master ee8a8e7 06/17: Revise a misleading comment, Greg Chicares, 2020/09/25
- [lmi-commits] [lmi] master 7f69137 10/17: Relocate SalesLoadRefundFootnote, Greg Chicares, 2020/09/25
- [lmi-commits] [lmi] master 06695fd 08/17: Separate paragraphs; relocate some text, Greg Chicares, 2020/09/25
- [lmi-commits] [lmi] master ec92623 07/17: Relocate PlacementAgentFootnote, Greg Chicares, 2020/09/25
- [lmi-commits] [lmi] master 4e2e158 11/17: Relocate MecFootnote,
Greg Chicares <=
- [lmi-commits] [lmi] master 01eaf24 12/17: Expunge 'MecYearIs0', Greg Chicares, 2020/09/25
- [lmi-commits] [lmi] master 1c55999 14/17: Relocate LoanFootnote for one format, Greg Chicares, 2020/09/25
- [lmi-commits] [lmi] master 92a94aa 17/17: Relocate "Defn*", Greg Chicares, 2020/09/25
- [lmi-commits] [lmi] master 2140b41 09/17: Consolidate and relocate RejectPremiumFootnote, Greg Chicares, 2020/09/25
- [lmi-commits] [lmi] master 8e334ba 13/17: Revise some comments on hypothetical-rate disclaimers, Greg Chicares, 2020/09/25
- [lmi-commits] [lmi] master c331e80 15/17: Shuffle a loan footnote, Greg Chicares, 2020/09/25
- [lmi-commits] [lmi] master d0c2cfb 16/17: Relocate LoanFootnote for the last format, Greg Chicares, 2020/09/25