A recent U.S. Tax Court ruling that declared IRA owners are entitled to just one nontaxable rollover every 12 months across all their accounts upends conventional reading of the law.
The decision in Bobrow vs. Commissioner changes the commonly accepted interpretation of the law that held the once-a-year rule applied to each IRA owned by an individual.
The ruling prompted the American Society of Pension Professionals and Actuaries to warn its members to be mindful of the ruling until the IRS clarifies its position.
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