IRS-Blessed Retirement Plan Part Of Ch. 7 Estate: 1st Circ.

Law360, New York (November 26, 2013, 5:05 PM EST) -- The First Circuit said Monday that assets held in individual retirement accounts and a profit-sharing plan approved by the Internal Revenue Service must be added back into a Massachusetts man's bankruptcy estate, citing transfers that ran afoul of U.S. tax laws and half-truths told to the bankruptcy court.

An IRS audit that ultimately found William M. Daniels' profit-sharing plan to be tax-exempt was not tantamount to a presumption that the plan's assets were exempt from his bankruptcy estate, especially when Daniels had concealed several transactions between the...
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