Premiums on certain life insurance: You can deduct premiums on life insurance policies if the corporation is the beneficiary. That applies to term life and premiums on keyman whole life policies to the extent they exceed the increase in the cash surrender value.
I'm sure like all tax code there is plenty of ambiguity in the big picture which will naturally benefit the IRS.
Ironically, I'm meeting my tax/financing advisor tommorow and will ask him. My bank is waffling over carrying a construction loan to commercial perm at prime(payments to be set fixed on todays rate..4.62%) for a 5 year balloon.(20 year amor.) No suprise there...LOL. They don't want to get "upside down" if rates rise which of course they will eventually. I asked my banker if he would have given me the same consideration had the prime risen in his favor during the construction loan term period. LOL...Banks...can't live with 'em...can't live without 'em...at least not in commerical real estate development. Scalawags.
tdspca:, I'm not questioning your knowledge...I just want to know more about this.
Regards.