Glass Co.'s Insurance Plan Was Tax Scheme, 9th Circ. Says
By Amy Lee Rosen (June 26, 2019, 7:41 PM EDT) -- A California glass company's life insurance policy was a tax scheme that had to be disclosed to the IRS under pain of penalties, the Ninth Circuit said Wednesday.
A panel for the Ninth Circuit in San Francisco agreed with the government that a California glass company's life insurance policy was substantially similar to other abusive transactions. (Getty Images) A three-judge panel affirmed a district court's ruling that Interior Glass Systems Inc. was required to disclose a $5 million cash-value life insurance policy, called a group term life insurance plan for its sole employee, Michael Yates, from tax years 2009 to 2011....
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