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Expert Analysis

'Cascading' Excise Tax After Validus

Law360, New York (June 4, 2015, 1:03 PM EDT) -- On May 26, the U.S. Court of Appeals for the District of Columbia affirmed the U.S. district court's grant of summary judgment to the taxpayer in Validus Reinsurance Ltd. v. U.S.,[1] albeit on narrower grounds than the district court's decision. The Validus case is the first case to be decided involving a challenge to the application by the Internal Revenue Service of the federal excise tax (FET) under Internal Revenue Code Section 4371 to premiums one foreign insurer or reinsurer pays to another foreign reinsurer....

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