Sec. 1.822-3 Amortization of premium and accrual of discount.

Section

(d)(2) makes provision for the appropriate amortization of premium and the appropriate accrual of discount, attributable to the taxable year, on bonds, notes, debentures or other evidences of indebtedness held by a mutual insurance company subject to the tax imposed by section

. Such amortization and accrual is the same as that provided for life insurance companies by section

(i), except that in determining the premium and discount of a mutual insurance company subject to the tax imposed by section

the basis provided in section

shall be used in lieu of the acquisition value.

[Adopted by T.D. 6201, 21 FR 6640, Sept. 5, 1956; republished by T.D. 6500, 25 FR 11814, Nov. 26, 1960; amended by T.D. 9849, 84 FR 9231-9239, Mar. 14, 2019.]