Carmichael v. Osherow

WIENER, Circuit Judge:

In this bankruptcy case, Debtor-Appellant Douglas Carmichael (Debtor) appeals the decision of the district court affirming the bankruptcy court’s order that granted Bankruptcy Trustee-Appellee Randolph N. Osher- oWs (Trustee) objection to exemption of Debtor’s individual retirement account (IRA) from his bankruptcy estate (estate). The issue to be decided is whether an IRA that— as all IRAs must — gives the owner the right to receive payments after attaining age 59j£, but also allows receipt of payments prior to attaining that age upon payment of a penalty tax, is exempt…