TREATMENT OF CERTAIN LIFE INSURANCE CONTRACTS GUARANTEED RENEWABLE.

SEC. 1598. TREATMENT OF CERTAIN LIFE INSURANCE CONTRACTS GUARANTEED RENEWABLE. (a) In General.— Paragraph (d)(5) of section 809 (relating to certain nonparticipating contracts) is amended by adding at the end thereof the following sentence: “For purposes of this paragraph, the period for which any contract is issued or renewed includes the period for which such contract is guaranteed renewable.” (b) Effective Date.— The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 1957.