The Internal Revenue Service has published the final version of rules that may affect the income taxes of corporate groups that include both life and non-life insurance companies.
The final regulations, published today in the Federal Register, affect how the groups split their tax obligations.
The regulations will affect tightly linked “life-nonlife consolidated groups” that include life insurers along with property-casualty insurers. The regulations also will affect more loosely linked “controlled groups of corporations.”
The regulations will apply to consolidated federal income tax returns due on or after Dec. 21, 2009, and to taxable years beginning on or after Dec. 21, 2009, IRS officials write in a preamble to the final regulations.
The IRS first published temporary regulations on the topic in December 2006, and they published additional temporary regulations and a draft of the final regulations in December 2007.
No one submitted any comments on the draft regulations, and the final regulations are similar to the draft regulations, officials write.