A Note from the Editors-in-Chief

Rul. 2020-5: IRS Changes Position on Taxation of Sale of Life Insurance Policies- closely examines Rev. Rul. 2020-5, which was issued to modify two prior revenue rulings to take into account the enactment of Code Sec. 1016(a)(1)(B) as part of the TCJA. The prior IRS guidance had concluded that, for purposes of computing gain on a sale, the adjusted basis of a life insurance contract was reduced for the cost of insurance. No. 3 Unresolved Creditor Issues in Debt Workouts; * Vol. 4 No. 3 Modifications of Debt Instruments and the High-Yield Discount Obligation Rules; * Vol. 7 No. 3 Tales from the Credit Crunch: Selected Issues in the Taxation of Financial Instruments and Pooled Investment Vehicles; * Vol. 7 No. 4 Bridge Loans-Confronting Tax Issues Triggered by the Recent Economic Downturn; * Vol. 8 No. 1 Do the Market Discount Rules Apply to Distressed Debt?