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That's VERY Foolish link. Notice the date of the article! If that doesn't convince you that this is the best tax strategy anywhere, do a search of the NY Times archives for the article. You'll be pleasantly surprised.

i see it is dated april 1. are you saying it is an april fool's joke?

so how about this, from the irs website:

IRC section 501(c)(15) provides exemption from Federal income tax for insurance companies or associations other than life if the net written premiums, or if greater direct written premiums, for the taxable year do not exceed $350,000. This exemption also includes interinsurers and reciprocal underwriters.


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