• Ninth Circuit considers surrender charges in valuation of life insurance for income tax purposes—In Schwab v. Commissioner, Tax Court No. 10525-07 (April 24, 2013), the U.S. Court of Appeals for the Ninth Circuit addressed the issue of how to value life insurance for purposes of Internal Revenue Code Section 402(b)(2). A married couple, Michael Schwab and Kathryn Kleinman, were employees and sole shareholders of a family business. The couple each purchased a variable ...

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