MassMutual RetireEase Choice(SM1) becomes the second deferred income
annuity in the Fidelity Insurance Network (FIN) portfolio, joining New York Life's Guaranteed Future Income Annuity II2.
This innovative product is the only dividend paying Deferred Income
Annuity in the marketplace
The offsetting liability is shown as deferred income
After SAB 101, the taxpayer deferred income
recognition, for both financial reporting and tax purposes, until the customer accepted the product and agreed that the taxpayer had fulfilled all post-delivery obligations.
In fact, FAS 142 refers to paragraph 30 of FAS 109: "Deferred income
taxes are not recognized for any portion of goodwill for which amortization is not deductible for income tax purposes," and "the recognition of deferred income
taxes is required when amortization of goodwill is deductible for tax purposes.
Because of the mechanics of Internal Revenue Code section 444, the deposit presently payable on deferred income
has increased with those individual rates and is now set at a 40.
BOSTON -- Fidelity Investments([R]) today announced it is expanding its retirement income product offering to include deferred income
annuities, which enable pre-retirees to turn a portion of their savings into a guaranteed, pension-like stream of lifetime income in the future.
71-21, which allows deferred income
recognition of payments received in one tax year for services to be performed in the following tax year.
A standard has finally been adopted for measuring and recognizing deferred income
The reason for this reporting difference is that in the fourth quarter of 2005, the Company recorded deferred income
tax assets to reflect its expected future use of net operating loss carry forwards.
The Company defines Adjusted net income as follows: Net income before certain restructuring and special charges, costs associated with financing and other transactions, deferred loss/(gain) on other hedges, depreciation and amortization expense related to the step-up in fair value of fixed and intangible assets and inventory, deferred income
tax and other tax expense, amortization of deferred financing costs, and other costs.
Financial statements will recognize current and deferred income
tax assets and liabilities.