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1 CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Tax Opportunities April 2010 DRAFT.

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Presentation on theme: "1 CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Tax Opportunities April 2010 DRAFT."— Presentation transcript:

1 1 CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Tax Opportunities April 2010 DRAFT

2 2 Framework CMGMI JV Deferred Taxes NY Annual Statement Other Idea I III IV V All Amounts Are $ Millions, Unless Noted Tax-Exempt Municipal Bonds II

3 3 DRAFT Framework I XX 1 2 3 4

4 4 DRAFT Background II Tax-Exempt Municipal Bonds P&C Companies Subject To 5.25% On Tax-Exempt Municipal Income –15% Add-Back On Policyholder Share Times 35% Life Companies Tax Depends On Policyholder Share Which Varies –Depends On Required Interest Credited To Policies And Other Factors –Tax Rate Reflects Income Theoretically Credited To Policyholders –CMIS Rate Is ~20%

5 5 DRAFT MI JV Deferred Tax II Condition Giving Rise Implication Subject To Recoverability Testing


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