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There is a tremendous amount of resources being tied up in litigation between insurance companies and policyholders over things like the extent of coverage for various loss scenarios or allegedly bad faith delays in settlement payments. The fact that policyholders formally dispute insurer coverage positions or claims payment strategies gives credibility to the idea that mismatches exist between what policyholders expect insurance policies to cover and what the insurance contracts actually provide as loss indemnification. This mismatch essentially represents insurance basis risk, the analysis of which can more accurately reflect the value and overall efficiency of insurance contracts and suggest factors that may influence policyholder dissatisfaction and consequently insurance contract d...
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This document contains proposed regulations relating to reporting by brokers for transactions related to debt instruments and options. The proposed regulations reflect changes in the law made by the Energy Improvement and Extension Act of 2008 (the Act) that require brokers when reporting the sale of securities to the IRS to include the customer's adjusted basis in the sold securities and to classify any gain or loss as long-term or short-term. The proposed regulations also implement the Act's requirement that a broker report gross proceeds from a sale or closing transaction with respect to certain options. In addition, this document contains proposed regulations that implement reporting requirements for a transfer of a debt instrument or an option to another broker and for an organizat...
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Once again, the Tax Court has dealt with a remarkably vexing issue: whether an overstatement of basis should allow the IRS to extend the statute of limitations for the assessment of tax from three years to six. Intermountain Insurance Service of Vail LLC v. Commissioner (134 TC No. 11 (2010)) adds to an increasing body of case law against the IRS. Tax advisors should expect the IRS to get off the mat and continue to challenge taxpayers. The background and evolution of this issue are fascinating because they involve the struggle to interpret relatively straightforward words in a fundamental, procedural statute. If a taxpayer "omits" from gross income an amount properly includable therein which exceeds 25% of the amount of gross income stated in the return, the limitations period for asse...
