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Analysis

Tax Pros Seeking Clues On Small Captive Insurance Cos.

Law360, Fort Wayne (October 13, 2017, 1:58 PM EDT) -- As the Internal Revenue Service continues to scrutinize the tax treatment of small captive insurance companies, tax practitioners are looking to a trio of cases before the U.S. Tax Court to discern where the lines will be drawn between legitimate insurers and shams.

The cases — one that has already been decided and two in which decisions are pending — are the court’s first to make it to trial over the intersection of captive insurance companies and Section 831(b) of the tax code, under which companies can elect to be treated as small insurance companies subject to tax on investment income...

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