Bloomberg Tax
Feb. 28, 2023, 8:32 PM

Insurance Groups Want Explicit Exclusion in Book Minimum Tax

Lauren Vella
Lauren Vella

Insurance groups called on the IRS to “explicitly exclude” unrealized gains and losses from their adjusted financial statement income, or AFSI, in the tax-and-climate law’s new corporate alternative minimum tax.

In a letter to the agency shared by the Treasury on Tuesday, three major insurance industry groups provided comment on Notice 2023-7, initial guidance released by the IRS late last year. The groups suggested that Treasury “should provide guidance clearly stating unrealized gains and losses should be excluded from AFSI.”

Under accounting rules, insurance companies are required to include unrealized gains and losses for specific securities in ...

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