Tax Issue Bars Fidelity Account Transfer Suit, 5th Circ. Says

Law360 (June 11, 2021, 12:46 PM EDT) -- A Texas federal court correctly rejected a woman's request to rule she didn't need IRS certification to transfer a Fidelity Investment account because it was barred by a law that prevents courts from making tax determinations, the Fifth Circuit said.

Carmela Rivero cannot sue Fidelity seeking a judgment that an investment account should be transferred solely into her name without the need for certification from the Internal Revenue Service because the Declaratory Judgment Act prevents federal courts from making determinations that could implicate federal tax liabilities, a Fifth Circuit panel said Thursday.

The Fifth Circuit affirmed the lower court's decision that...

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