2nd Circ. Rejects New York Life Bid To Cancel $100M Tax Bill

Law360, Los Angeles (August 1, 2013, 9:42 PM EDT) -- The Second Circuit ruled Thursday that the Internal Revenue Service does not have to refund New York Life Insurance Co. $100 million, affirming a lower court’s decision that the insurance company was claiming tax deductions it didn’t deserve.

Following a federal audit in 2007, the IRS contested two categories of deductions claimed by the insurer in 1988 and from 1990-95, forcing it to pay $100 million, an amount New York Life later tried to recoup in court, according to a lawsuit it filed in 2010 in...
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