Tax Court finds that termination of variable life insurance policy against which taxpayer had borrowed did not result in cancellation of indebtedness income, but rather in taxable distribution of the policy’s cash surrender value *

USA - April 16 2010
In McGowen v. Commissioner, the Tax Court found that the termination of a variable life insurance policy resulted in a taxable distribution of the policy’s cash surrender value.

Co-authors: Henry J. Leibowitz.

IRS announces two-year renewal of Art Advisory Panel *

USA - April 16 2010
The IRS recently announced its decision to renew for an additional two years the charter for the Art Advisory Panel.

Co-authors: Henry J. Leibowitz.

Tax Court finds that value of life insurance policy sold from profit-sharing plan to the insured is determined by reference to the policy’s “entire cash value” *

USA - April 16 2010
At issue in Matthies was whether taxable income resulted from the sale of a second-to-die life insurance policy by the profit-sharing plan of the taxpayers' wholly owned subchapter S corporation to the taxpayers.

Co-authors: Henry J. Leibowitz.