IRA 60-day rollover waiver denied.A recent letter ruling may serve as a warning to victims of Hurricanes Katrina and Rita, even though it dealt with a 2004 Florida hurricane. Letter Ruling 200544022 denied a waiver of the 60-day limit for a tax-free IRA rollover IRA rollover Reinvestment of a lump-sum distribution from an IRA when physical receipt of funds has been taken by the investor. The lump-sum distribution must be deposited in an IRA rollover account within 60 days of receipt to escape taxation. requested by a taxpayer located in an area that received relief from Federal tax deadlines for hurricanes that swept Florida in 2004. Facts: The taxpayer took an IRA Ira, in the Bible Ira (ī`rə), in the Bible. 1 Chief officer of David. 2, 3 Two of David's guard. IRA, abbreviation IRA. distribution in July 2004 to facilitate the purchase of a new home. He anticipated that a home equity loan secured by the new house would permit him to repay the IRA withdrawal within 60 days. Severe hurricane damage to the new home delayed the processing of the home equity line of credit. As a result, the taxpayer did not receive the home equity loan until April 2005, after the expiration of the extended deadline provided for the disaster area in IR-2004-115. Holding: The IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. refused to grant additional discretionary relief; essentially, the taxpayer used the IRA withdrawal as a short-term loan. Leslie S Leslie (Gaelic, derived from a surname meaning 'garden of hollies,'grey fortress, or'garden by the pool')[1] can refer to any of the following: Places in Scotland:
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