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It gives legal guidelines as to the timing of deductibility of a reduction but cannot comment on the specific amount of losing in the entire year of discovery. It is important here to keep in mind that whether a taxpayer uses the Rev. Rul. The taxpayer who does not use the Safe Harbor may still declare the 95% and 75% statistics as appropriate. However, that taxpayer is going to be required to show that the 95% and 75% statistics used by the I.R.S. findings. The I.R.S. In the year of finding Ponzi system loss.

However, for Madoff victims, regulations may provide a similar result if there is the right evidence to back it up. The law provides that the taxpayer would be permitted to consider 100% of losing in the year of discovery minus any amounts that there’s a reasonable prospect of recovery.

  1. 10% USA NORWAY NORWAY NETHERLANDS
  2. Continue to possess REITs for Income
  3. E = Equity Value
  4. Annuities as well as your Spouse as Beneficiary of the IRA

To determine what the safe harbor provides to the taxpayer, another comparative chart is essential. Certainly, when there is no solid proof the taxpayer’s potential recovery amount or absence thereof, the taxpayer may be well recommended to take the safe harbor. While tax law as a general rule does not go through the equities of the taxpayer’s situation, Madoff, and other Ponzi strategies may warrant that type of treatment. To begin with, one must understand what generally is intended by a safe harbor and the “doctrine of equality of treatment”.

A safe harbor is normally an I.R.S. believes is the law. Furthermore, there’s a Doctrine of Equality of Treatment that is applied sparingly but still requires the I.R.S. It could seem difficult for the I.R.S. Footnotes 1 through 7 likened the advantages of the safe harbor with regulations as defined by the Revenue Ruling.

Footnotes 8, 9, and 10 explore The Waiver of Potential Benefits in trade for the benefits of the safe harbor and exactly how costly that harbor may be from a tax standpoint. 8. Waiver of the proper to File Amended Returns. The safe harbor requires that the Madoff victims forego the opportunity to file amended profits for those years that are still open by the statute of restrictions. However, by amending a prior return of taking a theft loss deduction instead, a taxpayer can eliminate only the taxpayer’s Madoff “phantom income” from the taxable income in the prior years. This will be the high-bracket income typically.

These types of recouping reduction in a Ponzi structure generally has been appropriate under regulations in limited circumstances. The idea is that if there is no “real income” at the time it was reported, the phantom income can be eliminated as taxable income instead of being claimed as a theft loss. In the Madoff situation this theory would appear to have a lot of merit. It is bolstered by statements by authorities that there is too little of any real trading by Madoff for years.