A bill to amend the Internal Revenue Code of 1954 to make clear the tax treatment intended for guaranteed renewable life, health, and accident insurance contracts in the case of life insurance companies.

Redefines under Internal Revenue Code of 1954 the tax gain or loss treatment intended for guaranteed renewable life, health, and accident insurance contracts in the case of life insurance companies. (Amends 26 U.S.C. 809 (d) (5))