NY Life Urges Supreme Court To Review 'All-Events' Tax Test

Law360, New York (January 21, 2014, 5:55 PM EST) -- The Second Circuit made a mistake when it ruled that New York Life Insurance Co. had no standing to challenge a $100 million tax assessment for unpaid income tax deductions, the insurer said in a recent appeal to the U.S. Supreme Court that could impact the future of accrual-basis taxpaying.

In asking the court to take its case, the insurer said in its Jan. 14 petition that two lower courts, including the Second Circuit, violated Supreme Court precedent by improperly using a test of whether all...
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