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CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group
Tax Opportunities
April 2010
DRAFT
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DRAFT
Framework
CMGMI JV Deferred Taxes
NY Annual Statement
Other Idea
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III
IV
V
All Amounts Are $ Millions, Unless Noted
Tax-Exempt Municipal BondsII
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DRAFTFrameworkI
XX1
XX2
XX3
XX 4
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DRAFT
Background
II Tax-Exempt Municipal Bonds
P&C Companies Subject To 5.25% On Tax-Exempt Municipal Income– 15% Add-Back On ‘Policyholder Share’ Times 35%
Life Companies Tax Depends On Policyholder Share Which Varies– Depends On “Required Interest” Credited To Policies And Other Factors– Tax Rate Reflects Income Theoretically Credited To Policyholders– CMIS Rate Is ~20%
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DRAFTMI JV Deferred TaxII
Condition Giving Rise
Implication
Subject To Recoverability Testing