Kellerman v. Rice (In re Barry K.)

MEMORANDUM OPINION

J. LEON HOLMES, UNITED STATES DISTRICT JUDGE

This is an appeal from an order of the United States Bankruptcy Court for the Eastern District of Arkansas sustaining the Trustee’s and creditor Arvest Bank’s objections to the debtors’ claim of an exemption for Barry Kellerman’s individual retirement account. The bankruptcy court found that the IRA had entered into transactions with Panther Mountain Land Development, LLC, that were prohibited by the Internal Revenue Code and therefore the Kellermans could not claim the IRA as exempt. The Kellermans elected to appeal ' the decision…