IRS Adds To String Of Tax Court Wins In Case Over Purported Microcaptives

(April 17, 2024, 8:51 AM EDT) -- WASHINGTON, D.C. — In line with the handful of U.S. Tax Court rulings in similar cases, a judge has sustained Internal Revenue Service determinations regarding two purported microcaptive insurance companies, concluding that they “failed to distribute risk and were not selling insurance in the commonly accepted sense,” so the purported premiums cannot be deducted as insurance expenses on federal income taxes....

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