N-2023-20: Interim Guidance Regarding Certain Insurance Related Issues for the Determination of Adjusted Financial Statement Income under Section 56A of the Internal Revenue Code

Notice 2023-20 provides interim guidance to insurance companies and certain other taxpayers related to their determination of adjusted financial statement income (AFSI) for purposes of the corporate alternative minimum tax, as added to the Code by the Inflation Reduction Act of 2022.? This notice provides interim guidance for the determination of AFSI as it relates to (1) variable contracts and similar contracts, (2) funds withheld reinsurance and modified coinsurance agreements, and (3) the basis of certain assets held by certain previously tax-exempt entities that received a ?fresh start? basis adjustment.? This notice also provides a request for comments and the procedure for submitting such comments.

Notice 2023-20 will be in IRB: 2023-10, dated March 6, 2023.

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