No Margin For Error When Using IRA Rollover As Bridge Loan
Although petitioners argue that their intent was to effect a rollover, it is well established that a taxpayer’s intention to take advantage of favorable tax laws does not determine the tax consequences of his or her transactions.
Do Some Looking And Thinking Before Signing Form 1040
Of course, your CPA, with whom you play golf, will assure you, as you are sipping single malt scotch together, that his people are all over the latest developments. The sad truth is that that fellow’s primary job is play golf with you and make you feel good about his firm.
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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.