IRS must return copies of records made after request

Article Abstract:

Taxpayers may demand the return of documents submitted to the IRS after they have withdrawn their approval for the IRS to retain them. In the Vaughn case (68 AFTR2d 91-5954; CA-6,1991), the Court of Appeals for the Sixth Circuit ruled that the IRS's continued possession of documents or their copies after the taxpayer has requested to have them returned was unlawful. It was found to be in violation of the Fourth Amendment which guarantees the right of every American against forced search or seizure. According to the circuit court, the IRS should not have placed their administrative convenience before the constitutional rights of the taxpayer.

Courts, Laws, regulations and rules, Powers and duties, Business records, United States. Court of Appeals for the 6th Circuit

---

Rollover to employee's IRA allowed for restricted retirement plan distribution

Article Abstract:

An individual retirement account (IRA) is not disqualified by the security interest of a restricted IRA rollover distribution, as explained in the Ltr. Rul. 8514093. In the case, the Internal Revenue Service (IRS) determined that the opportunity of repayment for some of the distribution to the trustee of the plan does not infringe on the regulations requiring a one-sum distribution or the prevention of forfeitures. Consequently, the plan participant who retires, to who the benefits are circumvented, may be paid a lump-sum distribution, avoid present taxation, and not threaten the tax situation of either the IRA or the qualified plan.

Retirement income

---

IRAs: planning at establishment, contributions and distributions will enhance tax benefits

Article Abstract:

Roughly 34 million taxpayers own IRAs whose value by the close of 1984 was almost $133 billion. Also, it is projected that an additional 36 million will invest in such accounts in the future. IRA tax benefits are discussed from the planning aspects of contribution amounts, timing of contributions, penalty tax assessments, tax-free rollovers and distributions of income. Several hypothetical case studies illustrate various tax planning strategies with regard to IRAs.

Methods, Analysis, Tax planning

Similar abstracts:

• Abstracts: Using conservation easements as an estate planning tool. GRATs vs. IDGETs: comparing the economic benefits. Splitting assets between family and charities at death: using CLATs to improve the opportunity set
• Abstracts: A longitudinal survey on capital budgeting practices. Trade Credit Terms: Asymmetric Information and Price Discrimination Evidence From Three Continents
• Abstracts: The USM so far: come on in, the water's fine. Earn-outs: motivation and conflict. Improving summary financial statements
• Abstracts: Does the stock market overreact? Further evidence on investor overreaction and stock market seasonality. Caveat compounder: a warning about using the daily CRSP equal-weighted index to compute long-run excess returns
• Abstracts: A micro model of the federal funds market. Wanna dance? How firms and underwriters choose each other. Term structure movements and pricing interest rate contingent claims

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.