Saturday, April 24, 2010

US Claims tax implications

Some time ago I wrote a post about my queries to the IRS regarding the status of our US claims against Nortel. I asked two basic questions. (1) Can we roll over any payments made against pension based claims to a tax deferred account? (2) Can we claim a loss on our tax filings for any amount of claim that is not paid back to us from Nortel's US assets?

I have so far received two phone calls regarding this query. The latest call indicated that my questions had been turned over to tax experts at the IRS and that I would be contacted in May with an update.

At least I received a response and have not yet been brushed off. When I receive further information I will post it.

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