Insurers Urge IRS to Clarify Partnership Move on Book-Tax Regs

An insurance group welcomed the IRS’s planned changes in how the corporate book-income tax applies to partnerships and partners, but said the agency should clarify several issues when it proposes revised regulations.

The new IRS approach to partnerships and the corporate alternative minimum tax “will significantly reduce the burden on our members,” the American Council of Life Insurers said in a comment letter Wednesday.

But the agency should also make clear how the CAMT rules will work when partners switch between methods of calculating their income from the partnership that is used in calculating CAMT, the ACLI said.

CAMT requires ...