On May 1, 2009, the Internal Revenue Service (IRS) issued two Revenue Rulings.  In the first of these Rulings, Revenue Ruling 2009-13, the IRS addressed three different situations in which a U.S. individual insured disposed of his rights under a life insurance policy.  In the second of these Rulings, Revenue Ruling 2009-14, the IRS addressed three separate situations in which a third party investor acquired the rights under a life insurance policy from the original owner and insured.  While neither Ruling addresses all of the issues presented by the burgeoning life settlement industry in the United States, each does provide some much needed guidance in the area.  In a guest article, Mark Leeds, a Shareholder with Greenberg Traurig LLP, provides a detailed discussion of the IRS guidance.