From the Editor – Property of the Estate and Exemptions

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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