A court ruling last week by the U.S. Court of Federal Claims could increase claims for tax refunds by insurance policy holders who sold stock in insurance providers that went public.
The ruling could also apply to current shareholders, according to The Wall Street Journal. It includes shareholders in companies such as MetLife and Prudential Financial, which converted from mutually owned companies to publicly traded entities. The court ruling says that sales of stock in such companies should not be subject to capital gains tax if the amount received is less than the taxpayer's cost basis in the insurance policy.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access