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PITFALLS OF TRANSFERING ASSETS FROM IRA TO SPOUSE
By David H. Goodman,
Mar. 13th, 2018
In John R. Kirkpatrick v. Commissioner, TC Memo 2018-20 , Code Sec(s) 408, John was to transfer funds to his spouse. John took a distribution from the IRA and then wrote a check to his spouse for the amount of the distribution. The IRS determined that John received a taxable distribution. The U.S. Tax Court upheld the IRS. if a taxpayer takes a distribution from an IRA they do have 60 days in which to put the funds into an IRA. By transfering the funds first to his wife, John did not satisfy the 60 day rule. One option would have been for John to make his wife an owner of the existing IRA and then complete a trustee to trustee transfer into an IRA. Attorneys need to keep in mind that separation agreements and court orders do not supersede the Internal Revenue Code. Transfers of property incident to a divorce are tax-free exchanges - except when the funds come from an IRA. The Tax Court has consistently sided with the IRS on this.
Posted Mar. 13th, 2018
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Three days ago at 6:35 PM
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A herbal medicine specialist who specializes in curing herpes, HIV, Fibroids, PCOS, Diabetes, Hepatitis and many more other illnesses which he can cure through his herbal medications. I have tried all kinds of drugs given to me by my Doctor in Texas when I was suffering from Full Blown Aids but nor of his medication worked for me includes ARVs until I read a testimony of Dean charlotte from google how Dr. Gbogbo cured her from Herpes permanently without any side effects. I was happy and excited to try something new. I almost gave up when I learnt he was from Africa but by faith I contacted him and that was the end of my HIV. From Full Blown Aids to HIV negative. Sharing this testimony is one of the happiest things for me to do. All I did was to order his Herbal medicine from Africa and it was shipped to me by the UPS delivery company. It only took me 23 days to complete the medication, Surprisingly I did HIV test twice and tested negative. He is not popular but powerful.
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