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Text of IRS Rev. Rul. 2008-42: Premiums Paid by S Corporation on Employer-Owned Life Insurance Contract (PDF)
Internal Revenue Service [IRS] 
[Official Guidance] July 1, 2008
Excerpt: HOLDINGS: (1) Premiums paid by an S corporation on an employer-owned life insurance contract, of which the S corporation is directly or indirectly a beneficiary, do not reduce the S corporation's [accumulated adjustments account, or 'AAA']. (2) The benefits received by reason of the death of the insured from an employer-owned life insurance contract that meets an exception under § 101(j)(2) do not increase the S corporation's AAA.
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