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MERIT LIFE INS. CO. v. C.I.R.

No. 87-2129.

853 F.2d 1435 (1988)

MERIT LIFE INSURANCE COMPANY, Petitioner-Appellee, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellant.

United States Court of Appeals, Seventh Circuit.

Decided August 11, 1988.

Attorney(s) appearing for the Case

Nancy G. Morgan, Michael L. Paup, Chief, Asst. Atty. Gen., Appellate Section Tax Div., Washington, D.C., for respondent-appellant.

Bernard J. Schoenberg, San Francisco, Cal., for petitioner-appellee.

Before CUMMINGS and WOOD, Jr., Circuit Judges, and WILL, Senior District Judge.

WILL, Senior District Judge.

This appeal involves the tax consequences of a general practice in the insurance industry called reinsurance. For any number of reasons, insurance companies transfer all or part of the risk of a block of policies, under which they are the original insurer, to another insurance company, the reinsurer, in exchange for, among other things, a commission. The original insurer is known as the reinsured...

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