Rev. Rul. 66-199
Rev. Rul. 66-199; 1966-2 C.B. 491
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Citations: Rev. Rul. 66-199; 1966-2 C.B. 491
Obsoleted by Rev. Rul. 72-623
In filing information returns for 1965 under section 6052 of the Internal Revenue Code of 1954 (either on Form 1099 or on Form W-2), employers should use the following table in order to compute the cost of group-term life insurance on an employee's life for purposes of determining the amount includible in his gross income under section 79 of the Code with respect to such insurance:
Uniform premium for $1,000 of group-term life insurance protection.
Cost per $1,000
5-year age bracket of protection for
1-month period
Under 30.......................................... 8 cents
30 to 34.......................................... 10 cents
35 to 39.......................................... 14 cents
40 to 44.......................................... 23 cents
45 to 49.......................................... 40 cents
50 to 54.......................................... 68 cents
55 to 59.......................................... $1.10
60 to 64.......................................... $1.63
For purposes of the above table, the age of the employee is his attained age on the last day of his taxable year. However, if an employee has attained an age greater than age 64, he shall be treated as if he were in the 5-year age bracket, 60 to 64.
See Revenue Ruling 65-28, C.B. 1965-1, 527, which prescribed the same table for use in preparing information returns for 1964.
1 Based on Technical Information Release 797, dated February 2, 1966.
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