Legal Opinion
In the Matter of Richard L. Kochell, Debtor. Appeal of United States of America
Court of Appeals for the Seventh Circuit
Decided October 22, 1986No. 86-1125PublishedCited by 31 opinions
1Opinion of the Court
EASTERBROOK, Circuit Judge.
We must decide whether the penalty tax under 26 U.S.C. § 408(f)(1) applies to a bankruptcy trustee’s withdrawal of funds from the debtor’s Individual Retirement Account (IRA). Our prior decision in this case, 732 F.2d 564 (1984), held that the Trustee may reach the assets in the IRA for the benefit of the debtor’s creditors. The Trustee did so, and the United States wants the Trustee to pay not only the income tax on the withdrawn assets — a tax the Trustee concedes is due — but also the 10% tax under § 408(f)(1). This statute provides that a distribution “from an…
2Cases cited7 opinions
- Lucas v. EarlSupreme Court of the United States · 1930
- Old Colony Trust Co. v. CommissionerSupreme Court of the United States · 1929
- Douglas v. WillcutsSupreme Court of the United States · 1935
- In the Matter of Richard L. Kochell, Debtor-AppellantCourt of Appeals for the Seventh Circuit · 1984
- Francine Schuster v. Commissioner of Internal Revenue ServiceCourt of Appeals for the Seventh Circuit · 1986
2 more not listed; retrieve them via the Exa API.
3Cited by31 opinions
- In the Matter of Fbn Food Services, Inc., Debtor. River Bank AmericaCourt of Appeals for the Seventh Circuit · 1996
- In the Matter of Roger Roy Larson and Joan Rosemary Larson, Debtors-AppellantsCourt of Appeals for the Seventh Circuit · 1988
- In the Matter of Jerome D. Baker, Debtor. Appeal of Lasalle Bank NiCourt of Appeals for the Seventh Circuit · 1997
- In Re ManfredUnited States Bankruptcy Court, D. New Jersey · 1993
- In Re PopaUnited States Bankruptcy Court, N.D. Illinois · 1998
26 more not listed; retrieve them via the Exa API.