222. Rules relating to certain life insurance and annuity contracts of applicable taxpayers (a) Treatment of amounts received (1) In general Section 72(e) is amended by redesignating paragraph (12) as paragraph (13) and by inserting after paragraph (11) the following: (12) Treatment of certain amounts received under certain life insurance and annuity contracts of applicable taxpayers (A) In general In the case of any applicable amount which is received during any taxable year, notwithstanding paragraph (5)(A) or (5)(E)— (i) if such amount is received on or after the annuity starting date, paragraph (2)(A) shall apply, and (ii) if such amount is received before the annuity starting date or is received with respect to a life insurance contract to which this section applies, the rules of clauses (i) and (ii) of paragraph (2)(B) shall apply. (B) Applicable amount (i) In general For purposes of this paragraph, the term applicable amount means— (I) any amount to which this subsection applies which is received under an applicable private placement life insurance or annuity contract, and (II) in the case of an applicable taxpayer, notwithstanding paragraph (5)(A), (5)(E), or (10)(A), any amount or portion described in paragraph (4)(A) with respect to a life insurance or annuity contract, except that any applicable taxpayer or any related person (as defined in section 144(a)(3)) to an applicable taxpayer shall be substituted for an individual in applying such paragraph. (ii) Treatment of refunds, surrenders, redemptions and maturities Notwithstanding paragraph (5)(A) or (5)(E), amounts described in clause (i)(I) shall include amounts described in clause (i) or (ii) of paragraph (5)(E) received under an applicable private placement life insurance or annuity contract. (iii) Amounts under pre-1982 and qualified plan contracts, etc., excluded Such term shall not include amounts received— (I) under a contract which is described in paragraph (5)(B) or (5)(D), or (II) under a qualified tuition program (as defined in section