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The Art of Borrowing from Your IRA and Rolling Back in Time to Avoid Income Taxation
Bloomberg BNA Link to more items from this source
Nov. 3, 2014
"[A] taxpayer may exclude the distribution from gross income if that distribution is returned to an IRA ('rolled over') 'not later than the 60th day after the day on which he receives the payment or distribution.' Even if the taxpayer does not place the entire amount into an IRA by the 60th day, to the extent a partial amount is rolled over, that part is excluded.... The Eighth Circuit [recently] reversed the Tax Court's rather simplistic denial of the taxpayer's partial rollover of distributions he had taken from IRAs in order to lend the monies, on what hopefully would be a very short-term basis, to two companies which were bidding on a governmental contract and which relied on the taxpayer's software in order to conduct their businesses." [Haury v. Comm., No. 13-1780 (8th Cir. May 12, 2014)]

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