be shown on such return with respect to each recipient of payment whose name is required to be set forth in such return. (d) Definitions For purposes of this section: (1) Payment The term payment means the amount of cash and the fair market value of any consideration transferred in a reportable policy sale. (2) Reportable policy sale The term reportable policy sale has the meaning given such term in section 101(a)(3)(B). (3) Issuer The term issuer means any life insurance company that bears the risk with respect to a life insurance contract on the date any return or statement is required to be made under this section. (4) Reportable death benefits The term reportable death benefits means amounts paid by reason of the death of the insured under a life insurance contract that has been transferred in a reportable policy sale with respect to which, a statement is required to be furnished under subsection (a)(2), or a notice of a transfer of a life insurance contract to a foreign person has been received. . (b) Clerical amendment The table of sections for subpart B of part III of subchapter A of chapter 61 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 6050W the following new item: Sec. 6050X. Returns relating to certain life insurance contract transactions. . (c) Conforming amendments (1) Section 6724(d)(1)(B) of the Internal Revenue Code of 1986 is amended by striking or at the end of clause (xxiv), by adding or at the end of clause (xxv), and by inserting after clause (xxv) the following new clause: (xxvi) section 6050X (relating to returns relating to certain life insurance contract transactions), . (2) Section 6724(d)(2) of such Code is amended by striking or at the end of subparagraph (HH), by striking the period at the end of subparagraph (II) and inserting , or , and by inserting after subparagraph (II) the following new subparagraph: (JJ) subsection (a)(2), (b)(2), or (c)(2) of section 6050X (relating to returns relating to certain life insurance contract