righttb[at]msn.com wrote:

- quote -

Take a look at the published private letter rulings and see
how your circumstances compare. Try Legalbitstream for the
PLRs:

http://www.legalbitstream.com/

The actual Code section for the waiver of the 60 day rule is
408(d)(3)(I).

---
Drew Edmundson, CPA
Cary, NC

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wrighttb[at]msn.com wrote:

- quote -

In my experience a private letter ruling is available if you
convince the IRS that, based on the law, court cases and
other IRS rulings, you are entitled to the relief you are
asking for. I haven't seen them given for merely equitable
reasons.

The cost of obtaining a letter ruling is not small. The IRS
inposes a fee (as I recall around $2500 the last time I
checked). And you should have a tax lawyer submit the
request, because the justification should be in the form of
a legal brief listing all the relevant law and why it
applies.

There may be a kind of application for unintentional and
hardship cases, but I doubt that a letter ruling is the way
to do it.

Stu

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Ouch! I had 50K shares of a restricted (but legend has been
lifted) stock in a Merrill IRA. I tried to transfer the
shares to a different IRA with a different vendor. I then
closed/canceled the Merrill account because there was
nothing left there. Unfortunately, the "new" IRA vendor did
not accept resctricted shares and they sent them back to
Merrill a few days later. Merrill then sent me a
certificate (at least I assume it was Merrill...someone did)
for the 50K shares which was
misunderstood/misplaced/whatever. This was all done in late
April 2006.

Unfortunately, I've only today (November 2006) figured out
what the hell transpired and unbeknownst to me i've taken a
distribution from the IRA! I "found" the stock cert today.
I obviuosly have not used the proceeds from the so-called
distribution, and i most certainly did not intend to take
one. It is my responsiblity in the end (should have paid
more attention to what was happening with my accounts) but I
was not clued in to what was happening all that clearly
either.

I stopped listening to all the bad news from my tax man part
way through his speech and poked around a bit on the
Internet. There is a "non-automatic waiver application" to
have the IRS consider waiving the 60-day rule via a "private
letter ruling:". My question is whether ANYONE has ANY
experience with this mechanism such that I can determine
either that I shouldn't bother with the process or whether
it's worth giving it a try. Very easy to show that I have
not profited by the unintended distribution. Not a cheat,
just too busy, a dumbass, whatever.

Thanks!

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >