Dear Readers: There are some basic truths. One is that when someone says, “hey, watch this!,” the result is likely to involve blood or stitches. Another is that, when an author describes something with the leadoff word, “interestingly,” it often isn’t. And a third is that one shouldn’t mislead bankruptcy judges. In two wonderfully written cases, bankruptcy judges made this...
From the Editor – Property of the Estate and Exemptions
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By The Honorable William Houston Brown (Retired)
Annuity purchased through rollover from tax-exempt IRA remained exempt. The Chapter 7 debtor had purchased an IRA annuity, with the entire purchase amount of $267,319.48 coming from a rollover of a previously owned tax-exempt IRA, and the trustee objected to the annuity being exempt under § 522(b)(3)(C) because the purchase price exceeded the annual limits imposed for an IRA by the IRS. The court concluded, in construing § 508 of the Internal Revenue Code, that annual purchase limitations did not apply to a rollover . . .
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