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If less than 60 days since funds were withdrawn from SEP, they can be rolled over into the same or different SEP without triggering taxes.
Mark Jessee
Sent from my iPhone
On Mar 8, 2013, at 11:33 AM, "Mark J. Markus" wrote:
> The problem is the trustee (not you, Larry) reneged on the settlement agreement after I instructed my client to go ahead and withdraw the money. Now we're trying to negotiate a new settlement agreement, but I'm trying to use the tax consequences incurred as leverage for my client (assuming the taxes are to be borne by my client).
>
> *************************
> Mark J. Markus
> Law Office of Mark J. Markus
> 11684 Ventura Blvd. PMB #403
> Studio City, CA 91604-2652
> (818)509-1173 (818)509-1460 (fax)
> web:
http://www.bklaw.com/
> Certified Bankruptcy Law Specialist--The State Bar of California Board of Legal Specialization
>
> This Firm is a Qualified Federal Debt Relief Agency (see what this means at
http://www.bklaw.com/bankruptcy-blog/20 ... efinition/)
> ________________________________________________
> NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.
> IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.
> On 3/8/2013 11:27 AM, Larry Simons wrote:
>> Depends on what the settlement agreement states.
J. Markus [
bklawr@yahoo.com]
>> Sent: Friday, March 08, 2013 11:26 AM
>> To:
cdcbaa@yahoogroups.com
>> Subject: [cdcbaa] taxes incurred by bankruptcy estate or debtor?
>>
>> In a potential ASSET Chapter 7 case, if a debtor pulls funds out of their retirement (SEP IRA) during the Chapter 7 case (at the behest of the Trustee), who is responsible for the resulting taxes--the bankruptcy estate, or the debtor?
>>
>>
>>
>> *************************
>> Mark J. Markus
>> Law Office of Mark J. Markus
>> 11684 Ventura Blvd. PMB #403
>> Studio City, CA 91604-2652
>> (818)509-1173 (818)509-1460 (fax)
>> web:
http://www.bklaw.com/
>> Certified Bankruptcy Law Specialist--The State Bar of California Board of Legal Specialization
>>
>> This Firm is a Qualified Federal Debt Relief Agency (see what this means at
http://www.bklaw.com/bankruptcy-blog/20 ... efinition/)
>> ________________________________________________
>> NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.
>> IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.
>
If less than 60 days since funds were withdrawn from SEP, they can be rolled over into the same or different SEP without triggering taxes.Mark JesseeSent from my iPhoneOn Mar 8, 2013, at 11:33 AM, "Mark J. Markus" <
bklawr@yahoo.com> wrote:
The
problem is the trustee (not you, Larry) reneged on the
settlement agreement after I instructed my client to go ahead
and withdraw the money. Now we're trying to negotiate a
new settlement agreement, but I'm trying to use the tax
consequences incurred as leverage for my client (assuming the
taxes are to be borne by my client).
*************************
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web:
http://www.bklaw.com/
Certified Bankruptcy Law Specialist--The State Bar of
California Board of Legal Specialization
<blslogoemail.gif>
This Firm is a Qualified Federal Debt Relief Agency (see what
this means at
http://www.bklaw.com/bankruptcy-blog/20 ... efinition/)
The post was migrated from Yahoo.