IRS Asks 5th Circuit To Affirm Tax Court Ruling In Row Over Purported Microcaptives

( December 31, 2024, 10:09 AM EST) -- NEW ORLEANS — Urging the Fifth Circuit U.S. Circuit Court of Appeals to affirm a ruling that certain purported microcaptive insurance arrangements were not entitled to federal tax benefits, the U.S. commissioner of Internal Revenue argues in part that the “Taxpayer can hardly claim reversible error or fault the Tax Court for applying a legal framework that Taxpayer himself advocated.”...