Paul L. Caron
Dean
Pepperdine Caruso
School of Law
72(t)
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Lesson From The Tax Court: Finding Safe Harbors From The §72(t) Early Distribution Penalty
Congress wants taxpayers to save for retirement. To encourage such savings, Congress authorizes a smorgasbord of tax-advantaged retirement plans that taxpayers can use. Authority for such plans are scattered in different statutes, such as §401, §403, and §408. Again, the purpose of these provisions is to allow taxpayers to save for retirement. Congress give other
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Lesson From The Tax Court: When Is An Excise Tax Really A Penalty?
“The power to tax involves the power to destroy.” Justice John Marshall in McCulloch v. Maryland, 17 U.S. 316, 431 (1819). “Sometimes a tax is…just a tax.” — Sigmund Freud’s Tax Advisor. Today’s lesson is about how to tell when an excise tax is really a penalty. The answer I learn is: “why do you
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Lesson From The Tax Court: When Is An Excise Tax Really A Penalty?
“The power to tax involves the power to destroy.” Justice John Marshall in McCulloch v. Maryland, 17 U.S. 316, 431 (1819). “Sometimes a tax is…just a tax.” — Sigmund Freud’s Tax Advisor. Today’s lesson is about how to tell when an excise tax is really a penalty. The answer I learn is: “why do you