period Section 848 is amended by striking 120-month each place it appears in subsections (a)(2) and (b)(1) and inserting 600-month . (b) Determination of expenses Paragraph (1) of section 848(c) is amended— (1) by striking 1.75 percent in subparagraph (A) and inserting 3.17 percent , (2) by striking 2.05 percent in subparagraph (B) and inserting 3.72 percent , and (3) by striking 7.7 percent in subparagraph (C) and inserting 13.97 percent . (c) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2017. 13518. Tax reporting for life settlement transactions (a) In general Subpart B of part III of subchapter A of chapter 61, as amended by section 13305, is amended by adding at the end the following new section: 6050Y. Returns relating to certain life insurance contract transactions (a) Requirement of reporting of certain payments (1) In general Every person who acquires a life insurance contract or any interest in a life insurance contract in a reportable policy sale during any taxable year shall make a return for such taxable year (at such time and in such manner as the Secretary shall prescribe) setting forth— (A) the name, address, and TIN of such person, (B) the name, address, and TIN of each recipient of payment in the reportable policy sale, (C) the date of such sale, (D) the name of the issuer of the life insurance contract sold and the policy number of such contract, and (E) the amount of each payment. (2) Statement to be furnished to persons with respect to whom information is required Every person required to make a return under this subsection shall furnish to each person whose name is required to be set forth in such return a written statement showing— (A) the name, address, and phone number of the information contact of the person required to make such return, and (B) the information required to be shown on such return with respect to such person, except that in the case of an issuer of a life insurance contract, such statement is not required to