Our recent post on Alcoa's latest life insurance kerfluffle left unanswered an important question. From the comments, posed by co-blogger Bob:
"I would think at least some of the cash settlement would be taxable. But perhaps not."
As promised, I reached out to longtime FoIB Joe Kristan, who kindly replied:
"Without knowing more, I don't see any reason why it wouldn't be taxable. It doesn't seem to fit in the rules for tax-free insurance settlements."
So potential double-whammy for the company's "valued" retirees.
#Fail
"I would think at least some of the cash settlement would be taxable. But perhaps not."
As promised, I reached out to longtime FoIB Joe Kristan, who kindly replied:
"Without knowing more, I don't see any reason why it wouldn't be taxable. It doesn't seem to fit in the rules for tax-free insurance settlements."
So potential double-whammy for the company's "valued" retirees.
#Fail
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