Punitive Damages Are Not "Losses Incurred" - - CFO.com: "In a November court ruling, State Farm Mutual Insurance saw its argument shot down when judges sided with the Internal Revenue Service in a case related to contingent liabilities. In the case, which was decided on November 8, petitioner State Farm claimed that based on its method of accounting, $202 million was properly included in its loss reserves. The IRS, and eventually several courts, saw it differently."
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