IRS has issued Rev. Proc. 2005-25 to define the fair market value of life insurance policies. It offers a safe harbor value as equal to the sum of all premiums paid.
1) How does the Service justify such a conclusion?
2) What credible sources are there that contradict such a conclusion?
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Other people asked questions on various topics, and are still waiting for answer. Would be great if you can take a sec and answer them