The Internal Revenue Service has published revenue procedures setting forth the discount factors that property and casualty insurance companies can use for accidents and other types of claims this year.
Rev Proc 2010-49 sets forth for purposes of Section 846 of the Tax Code the loss payment patterns and discount factors for each property and casualty line of business for the 2010 accident year. These factors are to be used by property and casualty insurance companies in discounting unpaid losses.
Rev Proc 2010-50 sets forth for purposes of section 832 of the Internal Revenue Code the salvage discount factors for each property and casualty line of business for the 2010 accident year. These factors are to be used by property and casualty insurance companies to discount estimated salvage recoverable.
Both will appear in IRB 2010-50 dated Dec. 13, 2010.
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