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Ann Arbor Michigan Form 872: What You Should Know

Chapter II — TAX ON DUTIES (CONTINUED) Chapter III — GENERAL PROVISIONS (CONTINUED) Article 1 — EXEMPTIONS Article 2 — EXEMPTIONS—Individuals and Qualifying Trusts Article 3 — EXEMPTIONS — Qualified electing life insurance contracts Article 4 — EXEMPTIONS—Qualifying electing life insurance contracts of non-accredited members of organizations Article 5 — EXEMPTIONS—Qualified electing life insurance contracts of Qualified Retiree Plans Article 6 — EXEMPTIONS—Qualifying electing life insurance contracts of Non-qualified Retirement Plan Article 7A — EXEMPTIONS—Individual and Qualifying Trusts that are owned, jointly by the individual as beneficiary and a trust, and a Qualified Electing Life Insurance Contract that meets the requirements of this rule and is for a person residing at the same place as the beneficiary of the Qualified Electing Life Insurance Contract. MSC will be working with other states to develop uniform guidelines with regard to the application of the tax code to qualified residents and trusts. In the interim, it advises that MSC's Form 872 must contain at least the information required under IRC Section 62. IRS Notice 2016-16: Effective Dates for 2023 Individual Income Tax Exemptions for Qualified Retiree Plans (October 28, 2016) — Non-Retirement Depreciation — Generally, IRC 63 requires you to capitalize an individual, or the portion of which is for a qualified retiree plan, that depreciates at least 5 percent of the basis of the property within a taxable year. For more information, see Pub. 970. (IRS Notice 16, October 28, 2016) IRC Section 62(a)(2) permits a qualified electing life insurance contract to be valued at its value if it meets both the qualified retiree plan's requirements, and the life insurance contract meets the requirements of this section. The same definition applies. Therefore, an eligible electing life insurance contract can be treated as an eligible electing life insurance contract and the contract's value must be valued at its value (the “value” being defined to include a “fair market” determination if it has not been determined). A qualified electing life insurance contract that does not meet the requirements of this section is also not treated as an eligible electing life insurance contract. IRC Section 62(a)(2) provides guidance about determining the value to be shown on your Form 872.

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