Wednesday, March 10, 2010

Tax implicartions of US claims against Nortel

In an earlier post I published a copy of a letter I had sent to the tax advocate of the IRS regarding tax on payments against claims we may have against Nortel. That is if we receive any payments from Nortel.

I was pleasantly surprised to receive a call from the tax advocate yesterday to advise me that they had received my letter but felt that the questions were too technical for them to deal with directly and were going to forward the request on to the pension department. They thought that it would take about 2 to 3 weeks before any sort of preliminary response could be made. There was also the possibility that I might be charged a fee to have them analyse the questions and make a decision. I will of course contest that since I think this should be a public service.

However I was somewhat heartened that my request had not disappeared into the IRS bureaucracy.

I will publish any comments or answers I receive from them.

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