IRS grants foreign insurance company an extension of time to file certain elections

Insurance Tax Bulletin

In PLR 201303005, the IRS granted a foreign insurance company an extension of time to file an election to be treated as a domestic corporation for US tax purposes, and to be subject to the alternative tax under Section 831(b). Insurance companies, other than life insurance companies, are generally taxed on their taxable income under Section 831(a). However, companies that meet certain requirements may elect to pay an alternative tax provided in Section 831(b) based on the company's taxable investment income.



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