Seventh Circuit opens door for captive insurance.: An article from: The Tax Adviser

This digital document is an article from The Tax Adviser, published by American Institute of CPA's on March 1, 1993. The length of the article is 2534 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: In the captive insurance case by the IRS against Sears, Roebuck and Co, the Seventh Circuit court discarded precedents from 1941 in allowing Sears to deduct payments to its Allstate Insurance subsidiary. The court redefined risk shifting based on the principle that corporations are not attempting to protect wealth as much as defer expenses over time. The court also permitted the recognition of the Sears-Allstate relationship as insurance based on the acceptance of that relationship by state authorities.

Citation Details
Title: Seventh Circuit opens door for captive insurance.
Author: C. Clinton Stretch
Publication:The Tax Adviser (Magazine/Journal)
Date: March 1, 1993
Publisher: American Institute of CPA's
Volume: 24 Issue: n3 Page: 164(4)

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