Description: This article discusses the importance of refining projected tax cash flows when making actuarial projections. It addresses specifically operating loss deductions, net operating loss carrybacks and carryforwards, capital coss carrybacks and carryforwards, cost basis of invested assets, tax DAC, tax complications caused by reinsurance and deferred taxes.

Description: Synopsis of Issue Brief prepared by Tax Work Group of the Academy-LTD Claim Reserve Assumption Basis: Use of date of incurral/date of issue of original policy.