Financial Services Industry
Industry: Email Alert RSS FeedIRS issues mutual co. tax liability reg. (Internal Revenue Service)
National Underwriter Life & Health-Financial Services Edition, January, 1994 by Brostoff, Steven
The Internal Revenue Service has issued a new regulation on mutual insurance companies' tax liability. The regulation closes a loophole in Section 809 of the Internal Revenue Code that allows mutual life insurers to take a larger deduction than the IRS believes they deserve. The IRS regulations would restrict mutual life insurers' ability to deduct the dividends they pay against their taxes to prevent mutual life insurers from claiming a negative differential earnings rate.
WASHINGTON--The Internal Revenue Service has issued a final regulation that, in effect, could serve to nullify a U.S. District Court decision allowing mutual life companies a larger deduction than the IRS believes they deserve.
The regulation specifies that the differential earnings rate and...
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