A US appeals court has overturned a 1999 decision that a reinsurance program operated by UPS and Bermuda-based Overseas Partners Ltd. amounted to tax evasion.The Eleventh Circuit Court of Appeals said the reinsurance program, which covered extra package insurance for UPS clients, was not a “sham transaction”, as determined by the IRS and Tax Court.
UPS and Overseas Partners celebrate tax court decision
23 years ago
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Bermuda Fraud Insurance Tax USAKeywords
Bermuda Insurance Market IRS Overseas Partners Ltd. United Parcel Service UPS