The Internal Revenue Service issued Revenue Procedure 2005-25 on April 8, providing additional guidance on determining the fair market value (FMV) of a life insurance contract distributed by a qualified plan or an employer. We have this report from Richard L. Harris, president of BPN Montaigne LLC in Clifton, N.J. and Charles L. Ratner, national director of Personal Insurance Counseling at Ernst & Young in Cleveland:
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