RULING MAY INCREASE INSURANCE STOCK REFUNDSWashington, D.C. — A recent court ruling 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, including stakeholders in carriers, such as MetLife and Prudential Financial, which converted from mutually owned companies to public entities. The ruling says 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.
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