Court of Appeals Rules in Favor of American Financial Group, Inc. on Tax Case
05 5월 2012 - 6:17AM
Business Wire
American Financial Group, Inc. (NYSE: AFG) (NASDAQ: AFG)
has been involved in litigation with the IRS regarding the
calculation of tax reserves for certain annuity reserves pursuant
to Actuarial Guideline 33. In a unanimous decision issued today,
the Sixth Circuit Court of Appeals in Cincinnati affirmed the
Summary Judgment of the District Court in favor of AFG. As a
result, unless the IRS determines to seek a discretionary appeal of
this decision within 90 days, the decision will become final, and
AFG will record non-core after tax earnings of approximately $27
million ($.28 per share). As previously disclosed by AFG, the
Company continues to hold discussions with the IRS involving
subsequent tax years.
About American Financial Group,
Inc.
American Financial Group is an insurance holding company based
in Cincinnati, Ohio with assets in excess of $35 billion. Through
the operations of Great American Insurance Group, AFG is engaged
primarily in property and casualty insurance, focusing on
specialized commercial products for businesses, and in the sale of
traditional fixed and indexed annuities and a variety of
supplemental insurance products such as Medicare supplement. Great
American Insurance Group’s roots go back to 1872 with the founding
of its flagship company, Great American Insurance Company.
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