Law360 covered a recent U.S. Tax Court ruling that Rent-A-Center Inc.'s subsidiaries are allowed to deduct payments made to the company's wholly-owned insurance unit, Legacy Insurance Co. Ltd. "Federal income tax consequences were considered, but the formation of Legacy was not a tax-driven transaction," the majority said. "To the contrary, in forming Legacy, petitioner made a business decision premised on a myriad of significant and legitimate nontax considerations."
Rent-A-Center is represented by Gardere Tax Attorneys Val J. Albright and Brent C. Gardner.
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