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• W258188109 abstract "The Court of Federal Claims ruled that gain was not recognized in the sale of stock received in exchange for policy ownership interests in an insurance company's A mutual insurance company is owned by the policyholders rather than shareholders. When it reorganizes as a traditional stock company, the policyholders become stockholders in the company, in a process known as demutualization. It has been a long-standing position of the IRS that this is an exchange of nonrecognition property under IRC [section] 358(a)(1). Thus, when policyholders receive stock in a demutualization, they take a zero basis, and upon a subsequent sale of the stock, the full amount of the proceeds is taxed to them as capital gain. A retired CPA in Minnesota, Charles Ulrich, had previously challenged this IRS posture (see Associated Press, Lone Accountant Takes on IRS and Wins) and advised the plaintiff in this case. In June 1990, the Seymour P. Nagan Trust purchased a life insurance policy from Sun Life Assurance Co. with a face amount of $500,000. In October 1999, Sun proposed a demutualization plan to its policyholders whereby the policyholders would be given shares of stock in a new holding company that would become Sun's corporate parent. The policyholders could instead opt for a cash election. The demutualization plan was approved in December 1999. At the request of the insurance company, the IRS ruled in Private Letter Ruling 200020048 that because their ownership rights could not be purchased separately from an insurance contract, policyholders would not recognize gain or loss on the exchange for stock under section 354(a)(1). The Service also ruled that the basis of the holding company stock received by policyholders would be the same as the basis of the ownership rights surrendered by the policyholders in the exchange, that is, zero. The IRS did not rule on the tax treatment of the cash election option. As a result of the demutualization, the Nagan trust was offered 3,892 shares of stock but opted for the cash election and accepted $31,759 under a formula. This amount was reported on the federal income tax return of the trust and resulted in a tax liability of $5,725, for which the trust filed a refund claim. When the refund claim was denied, the trust, through trustee Eugene Fisher, filed suit in the Court of Federal Claims. The court noted that Treas. Reg. [section] 1.61-6(a) ordinarily would apply It requires that when a portion of a larger property is sold, the basis of the entire property should be equitably apportioned among the several parts. …" @default.
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• W258188109 date "2008-11-01" @default.
• W258188109 modified "2023-09-23" @default.
• W258188109 title "Open Transaction Doctrine Applied to Demutualization" @default.
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