( March 27, 2025, 4:33 PM EDT) -- WASHINGTON, D.C. — In line with the court’s prior rulings in similar cases, a U.S. Tax Court judge ruled against petitioners who challenged adverse Internal Revenue Service determinations regarding a purported microcaptive insurance arrangement, concluding that the arrangement “did not constitute insurance for federal income tax purposes because [a captive insurer] did not distribute the risk of loss among its policyholders, and [the arrangement] was not insurance in the commonly accepted sense.”...