IRS Says Transfers Within Foreign Parent Corporation’s U.S. Life Groups Will Qualify as Exchanges Under Section 351

The Internal Revenue Service in Private Letter Ruling 201006002, released Feb. 18, said transactions contemplated in connection with a foreign parent corporation’s eventual merger of its two U.S. life insurance groups will qualify as…

Banks, Housing Trade Groups Want Inclusion of Accounting Rules by Systemic Risk Panel

National banking, housing, and insurance industry groups are urging leaders of the Senate Banking Committee to include accounting standards in…

Obama Requests $12.6 Billion for IRS to Implement Strategic Programs in 2011

The Obama administration Feb. 1 released its fiscal year 2011 budget requests, asking for more than $12.6 billion for the Internal Revenue Service to…

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