The only way taxpayers can
receive a refund of overpaid capital gain Income Taxes paid on demutualization
distributions received to eliminate their ownership in the Mutual Life Co.,
is to file a timely and proper amended income tax return under the
provisions of Internal Revenue Codes 7422 and 6511. All you need to file these
returns is at this site. I will prepare and file for you from a copy of
your original return or you can file your own. If I prepare and file the return,
my 1/3rd fee will not be payable until after you receive your refund.
NO AMENDED RETURN MEANS NO REFUND
If tax was paid on 2004 return, you must file by 4/15/08 or 8/15/08 if you had a
4 mo. Ext. to file in 2005. *** I began to research the IRS "Zero Basis" taxation of demutualization distributions in May of 2001. My now 49 years of
experience in income tax and auditing told me it was wrong. I have worked full
time on obtaining refunds for policyholders since then. Over the last 7 years,
with the assistance of The Insurance Forum, The Insurance Tax Review, Larry
Mueller, David Schiff and various publications about the issue including Tax
Notes, The Wall St Journal, Associated Press, Accounting Today, Kiplingers and
the National Underwriter; many other insurance and tax professionals now share
my opinion.
The Raby Law Office in Tempe, Arizona filed suit in the UNITED STATES
COURT OF FEDERAL CLAIMS which is presently awaiting a decision on the
plaintiff's motion for partial summary judgment and the defendant's cross motion
for summary judgment. (Eugene A. Fisher, Trustee v. U. S. ; Case
No.04-1726 T) it seeks refund of the
tax paid on demutualization distributions for plaintiff and as representative of
all similarly situated taxpayers. *** This case will likely not be decided until
after the statute of limitations expires for the year 2004.
*** Protect your
refund rights by filing a 1040X or amended 1041 tax return by 4/15/08 or 8/15/08
if you had a 4 mo. Extension for filing your 2004 return. No voluntary refunds
are made.
You must file an amended return to obtain a refund from any class action or
to permit you to join any favorable decision in the Fisher Case. Don't follow
bad advice on taxes a 2nd time. Rev. Rul. 71-233 does not address the
facts of a demutualization and should not have been cited as the authority for
taxing distributions and collecting taxes from policyholders of at least 34
Mutual Life Insurers.
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