IRCCourt RulingsJan 17, 2024★ strong match
for section 4973 liabilities, which are
required to be reported by taxpayers on Form 5329. See Paschall v. Commissioner ,
137 T.C. 8, 15– 17 (2011).
7 [* 7 ] at 61 (noting that section 72(t) does not “appear [] in chapter 68 with
most of the other penalties of the Code”) .
Further evidence that section 4973 does not pr…
IRCCourt RulingsFeb 28, 2024
…OF INTERNAL REVENUE,
Respondent
—————
Docket N o. 19714-16. Filed February 28, 2024.
—————
I.R.C. § 4973 provides for the imposition of an excise
tax equal to 6% of the amount of “excess contributions” to
a taxpayer’s individual retirement account (IRA) . Under
the law as it existed before 2022, a taxpayer’s failure to…
IRCCode / StatuteJan 6, 2025related by meaning
(d)(13) (13) any transaction which is exempt from section 406 of such Act by reason of section 408(e) of such Act (or which would be so exempt if such section 406 applied to such transaction) or which is exempt from section 406 of such Act by reason of section 408(b)(12) of such Act;
(d)(14) (14) any transaction requir…
IRCCourt RulingsFeb 25, 2016★ strong match
…Strategies'
payments to Bevco were excess contributions.
a. Excess Contributions Generally, section 4973(f) defines an excess contribution to a Roth IRA as
the excess of the amount contributed over the amount allowable as a contribution.
Respondent on brief reduced petitioner's excess contributions, and the Court will
…
Notice 2024-35 — This notice provides relief with respect to certain required minimum distributions (RMDs) that are not made in 2024. This relief was provided with respect to c… IRCNoticesMay 6, 2024
… and Kathleen Hannick (2020). “Fixed Indemnity Coverage is a Problematic Form of “Junk” Insurance,” USC-Brookings Schaeffer Initiative for Health Policy, available at: https://www.brookings.edu/blog/usc-brookings-schaeffer-on-health-policy/2020/08/04/fixed-indemnity-health-coverage-is-a-problematic-form-of-junk-insuran…
84 FR 26605 — Exception for Interests Held by Foreign Pension Funds IRCProposed Rules (FR)Proposed Jun 7, 2019related by meaning
timely submits written comments. If a public hearing is scheduled, notice of the date, time, and place for the public hearing will be published in the Federal Register
.
Drafting Information
The principal authors of these proposed regulations are Joshua Rabon, formerly with the Office of Associate Chief Counsel (Intern…
IRCCourt RulingsDec 20, 2001
… over the amount allowable as - 57 -
51
In the notice, respondent imposed the excise tax under
sec. 4973(a) on petitioners. It is not clear under sec. 4973(a)
that Mr. Whitehead is liable for such tax. Any question as to
his liability is to be resolved in the proceedings in this case
under Rule 155. See sec. 4973(a) (l…
86 FR 55980 — Requirements Related to Surprise Billing; Part II IRCFinal Rules (FR)Oct 7, 2021
…
See
Hannick, Kathleen and Loren Adler. “Provider Charges Relative to Medicare Rates, 2012-2018.” USC-Brookings Schaeffer on Health Policy. (May 2021).
https://www.brookings.edu/blog/usc-brookings-schaeffer-on-health-policy/2021/05/03/provider-charges-relative-to-medicare-rates-2012-2018/.
Back to Citation
210…
IRCCourt RulingsMar 9, 2011
…re to be taxed
as gifts. * * * [Id.] To the contrary, the excise tax statute in issue here, section
4973, compels consistent treatment of the Transaction because
that statute is intertwined with and inseparable from the income
tax regime. Section 4973(a) imposes the 6-percent excise tax on
the amount of the excess cont…
IRCCourt RulingsJan 27, 1998related by meaning
) and (b) of section 4975.
Section 4975 was added to the Internal Revenue Code by title
II of ERISA. ERISA sec. 2003(a), 88 Stat. 971. Section 4975(a) and (b) imposes a two-tier excise tax on prohibited transactions.
The policy behind the enactment of section 4975 was to tax
disqualified persons who engage in self-deal…
IRCCourt RulingsAug 12, 1980
… No interest was earned by the IRA during 1975. Petitioners argue that the excise tax under section 4973 should not be imposed on them (1) for 1975, because they took no income tax deduction for the 1975 contribution and (2) for 1976, because they included in their 1976 income the interest earned by the IRA. Respondent…
IRCCourt RulingsJan 9, 1985related by meaning
t that previously was not subject to the penalty. Samuels v. McCurdy, 267 U.S. 188 (1925); Chicago & Alton Railroad v. Tranbarger, 238 U.S. 67 (1915). We note that petitioner can avoid payment of the section 4975(b) tax by correcting the prohibited loans before our decision herein becomes final. Secs. 4961 and 4962.
To…
IRCPrivate Letter RulingsJul 10, 2009related by meaning
ID:
Office:
UILC:
CCA_2009052010552850
-------------------------
4975.03-00
Number: 200928038
Release Date: 7/10/2009
From: --------------------
Sent: Wednesday, May 20, 2009 10:55:30 AM
To: ----------------------
Cc: ----------------------------------- --------------------------
Subject: RE: The 4975 case ---------
Se…
89 FR 23338 — Short-Term, Limited-Duration Insurance and Independent, Noncoordinated Excepted Benefits Coverage IRCFinal Rules (FR)Apr 3, 2024
…hleen Hannick (2020). “Fixed Indemnity Health Coverage Is a Problematic Form of `Junk Insurance,' ” USC-Brookings Schaeffer Initiative for Health Policy, available at:
https://www.brookings.edu/blog/usc-brookings-schaeffer-on-health-policy/2020/08/04/fixed-indemnity-health-coverage-is-a-problematic-form-of-junk-i…
IRCCourt RulingsSep 18, 1996
begin with section 4973.
Section 4973
Section 4973(a) imposes a 6-percent excise tax on excess
contributions to an IRA. As relevant herein, an "excess contribution" is the amount in excess of the amount allowable as
a deduction under section 219 (computed without regard to section
- 27 -
219(g)), exclusive of amounts p…
75 FR 38700 — Excise Taxes on Prohibited Tax Shelter Transactions and Related Disclosure Requirements; Disclosure Requirements With Respect to Prohibited Tax Shelter Transac… IRCFinal Rules (FR)Jul 6, 2010related by meaning
) under section 408(q)); and
(D) Roth IRAs under section 408A.
(ii) Arrangements described in section 220(d) (Archer Medical Savings Accounts (MSAs)); (iii) Arrangements described in section 403(b)(7) (custodial accounts treated as annuity contracts);
(iv) Arrangements described in section 530 (Coverdell education savi…
IRCCourt RulingsSep 27, 1990related by meaning
lan by a disqualified person, unaccompanied by affirmative acts on behalf of the plan, section 4975(f)(3) provides the definition of sale or exchange. A third principle of statutory construction, i.e., that penalty provisions must be strictly construed, is also of assistance in interpreting section 4975. See Commission…
IRCCourt RulingsJun 1, 1987related by meaning
significance save that the words are strung together with syntactical correctness. * * * [Hand, “Thomas Walter Swan,” 57 Yale L. J. 167, 169 (1947).] Section 4975, as added to the Internal Revenue Code by title II of ERISA, Pub. L. 93-406, sec. 2003, 88 Stat. 829, 971, imposes two levels of excise tax on a prohibited …
IRCCourt RulingsJul 6, 2022
… made
an excess contribution of $25 ,132, 89 2 to his individual retirement account (IRA) . Section 4973(a) imposes an excise tax “in an amount equal
to 6 percent of the amount of the excess contributions ” that a taxpayer
makes to an IRA in any given year .
1
This excise tax continues to appl y
to future tax years , u…
IRCPrivate Letter RulingsMar 2, 2001related by meaning
was to punish a pension plan sponsor for fa iling to fund a pension plan as
required by ERISA. 518 U.S. at 225-26. The Court, thus, concluded that the section 4971 liab ility was a penalty not entitled to priority.
Although the Supreme Court in CF&I
addressed section 4971 rather than
section 4975, Collection, Bankruptc…