A mineral rights leasing company set up by an Oklahoma oil businessman can’t take a $1.1 million deduction for what was presented as a microcaptive insurance transaction, the U.S. Tax Court ruled, saying the transaction was not a legitimate insurance arrangement.
Tax Court Denies Mineral Co.’s $1.1M Microcaptive Deduction
by usoftax_admin | Sep 17, 2024 | Tax News