### Question
How is the "applicable insurance contract" defined?


### Answer
The term **applicable insurance contract** is defined in *26 U.S.C. § 6050V* as follows -

> any life insurance, annuity, or endowment contract with respect to which both an applicable exempt organization and a person other than an applicable exempt organization have directly or indirectly held an interest in the contract (whether or not at the same time)

#### Citation:
  - *26 U.S.C. § 6050V*
  - Heading: **Subtitle F-Procedure and Administration > CHAPTER 61-INFORMATION AND RETURNS > Subchapter A-Returns and Records > PART III-INFORMATION RETURNS > Subpart B-Information Concerning Transactions With Other Persons**

