ITB 11-20: Insurance premiums deductible as ordinary expenses under Section 162

Insurance Tax Bulletin

In PLR 201114015, the IRS concluded that, for purposes of determining the deduction for ordinary and business expenses under Section 162 of the Internal Revenue Code, the amounts paid for medical malpractice liability insurance, including extended reporting coverage, are treated as "insurance premiums," to the extent that such premiums apply to the current year.

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