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Excess IRA contributions increasing taxpayer’s basis. (individual retirement accounts): An article from: The Tax Adviser

Excess IRA contributions increasing taxpayer's basis. (individual retirement accounts): An article from: The Tax Adviser

Excess IRA contributions increasing taxpayer's basis. (individual retirement accounts): An article from: The Tax Adviser
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Product information Author: Peter C. Barton
Manufacturer:
Publisher: American Institute Of Cpa's
Category: Book
Publication Date: June 1, 1997
Format: Html
Number Of Pages: 4
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Product Description: This digital document is an article from The Tax Adviser, published by American Institute of CPA's on June 1, 1997. The length of the article is 1092 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: The Tax Court ruled in Campbell that since excess contributions to an individual retirement account (IRA) had already been subject to income taxation the taxpayer's basis in the IRA had to be increased by the amount of the excess contributions. Keeping the taxpayer's basis in the IRA at zero would result in double taxation. IRA laws were revised in 1986 to allow for contributions in excess of $2,000 per year, but the excess contributions are included in gross income.

Citation Details
Title: Excess IRA contributions increasing taxpayer's basis. (individual retirement accounts)
Author: Peter C. Barton
Publication: The Tax Adviser (Magazine/Journal)
Date: June 1, 1997
Publisher: American Institute of CPA's
Volume: 28 Issue: n6 Page: 361(2)

Distributed by Thomson Gale

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