§835. Election by reciprocal — Inbound Citations

Citations to §835(a)

• 26 U.S.C. § 832(b)(7)(E)

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  (E) In the case of a reciprocal (within the meaning of section 835(a)) which reports (as required by State law) on its annual statement reserves on unearned premiums net of premium acquisition expenses—

  (i) subparagraph (B) of paragraph (4) shall be applied by treating unearned premiums as including an amount equal to such expenses, and

  (ii) appropriate adjustments shall be made under subparagraph (c) of paragraph (4) to reflect the amount by which—

  (I) such reserves at the close of the most recent taxable year beginning before January 1, 1987, are greater or less than,

  (II) 80 percent of the sum of the amount under subclause (I) plus such premium acquisition expenses.