(August 25, 2008)--It took Charles Ulrich seven years, but the Minnesota accountant has successfully challenged the method the IRS uses to tax the shares and cash that mutual life insurance companies distribute to their policyholders when they reorganize as public companies.
He argued the distributions should be tax-free, and a federal court recently agreed with his interpretation.
It's not clear how many people could benefit from the ruling.
Roughly 30 million policyholders have received distributions since the late 1990s, but it's probably too late for many of them to seek refunds.
Claims must be filed within three years of the April 15 tax deadline.
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