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COLONIAL AM. LIFE INS. CO. v. COMMISSIONER

No. 88-396.

491 U.S. 244 (1989)

109 S.Ct. 2408

105 L.Ed.2d 199

COLONIAL AMERICAN LIFE INSURANCE CO. v. COMMISSIONER OF INTERNAL REVENUE

Supreme Court of United States.

Decided June 15, 1989

Attorney(s) appearing for the Case

Carolyn P. Chiechi argued the cause for petitioner. With her on the briefs were Margaret Milner Richardson, Francis M. Gregory, Jr., James V. Heffernan, Gordon O. Pehrson, Jr., and George R. Abramowitz.

Michael R. Dreeben argued the cause for respondent. With him on the brief were Acting Solicitor General Bryson, Acting Assistant Attorney General Knapp, Deputy Solicitor General Wallace, Alan I. Horowitz, Gary R. Allen, David English Carmack, and Nancy G. Morgan.*

JUSTICE KENNEDY delivered the opinion of the Court.

The arcane but financially important question before us is whether ceding commissions paid by a reinsurance company to a direct insurer under a contract for indemnity reinsurance are fully deductible in the year tendered or instead must be amortized over the anticipated life of the reinsurance agreements.

I

This case involves the workings of the reinsurance industry. In order to spread the risks...

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