Tax Court Rejects Insurance Deductions In $1.6M Row
Law360, Washington (August 22, 2017, 3:59 PM EDT) -- A U.S. Tax Court judge on Monday largely sided with the IRS and upheld most of a $1.6 million tax bill pegged to husband-and-wife Arizona business owners accused of shuffling money through their in-house insurer to claim business expense deductions for the insurance premiums.
Benyamin and Orna Avrahami cannot claim most of the $2.4 million in asserted insurance deductions for 2009 and 2010, Tax Court Judge Mark V. Holmes said, because the “captive insurance company” that they set up in the Caribbean country of Saint Christopher and Nevis, known as St. Kitts, and that collected most of that money, Feedback Insurance...
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