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Politics : Ask Michael Burke

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To: Tommaso who wrote (89851)	2/23/2001 4:37:18 PM
From: Tommaso	of 132070

Addendum to my post: "Moreover, the IRS doesn't usually look at IRA holdings. ''No one is required to report transactions in an IRA,'' says Al Blomquist, a financial adviser in Franklin Lakes, N.J. ''And the government isn't required to audit them.'' But that doesn't mean that the IRS wouldn't disallow the tax deduction if you should be audited. Since the strategy hasn't been tested in the courts, more conservative planners steer clear of it. ''There is no proscription against the strategy in the law,'' says Beth Rodriguez, a wealth strategist at the private bank of J.P. Morgan. ''But would the IRS attack it if they found out? We think yes.''" businessweek.com

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