In Block Developers LLC et al. v. Commissioner, T.C. Memo. 2017-142, the Tax Court held that the IRS was not required to notify a partnership’s indirect partners of the beginning of administrative proceedings. In addition, it held that the partnership was used as a conduit to transfer funds to the indirect partners’ Roth IRAs and that the transfers were excess contributions subject to excise taxes.

See full opinion of Block Developers LLC by clicking here.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.