Thursday, January 26, 2006
On Tuesday, we blogged the Sixth Circuit decision in Dow Chemical v. United States, No. 03-2360 (6th Cir. 1/23/06), which held that Dow Chemical's corporate-owned life insurance (“COLI”) policies on the lives of thousands of its employees lacked economic substance and thus disallowed deductions for interest incurred on loans used to pay the COLI premiums and for fees related to the administration of the policies. Today's Wall Street Journal reports on the case in Dow Chemical Is Ordered to Pay In "Janitors" Case, by Robert Guy Matthews.