For the second time in as many years, the Internal Revenue Service has extended an invitation to the insurance industry for its view on several taxation issues. This month–in Rev. Rul. 2007-47–the IRS asked whether taxpayers believed the agency should issue guidance in the following areas:
o Reinsurance arrangements (including retroactive reinsurance, such as loss-portfolio transfers).
o Arrangements covering unanticipated environmental exposures.
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