Life insurance is generally afforded favorable income tax treatment under the Internal Revenue Code, such as a life insurance policy's death benefit generally being income tax-free to the policy's beneficiary.  However, there are certain transfers of life insurance policies that could end up resulting in a death benefit being entirely or partially subject to income tax.  Life insurance policyholders are often unaware of these tax rules, even though life insurance is often used for personal and business planning purposes.  This study group will cover how certain transfers of life insurance policies can result in adverse tax consequences.