Treasury To Rule On SEPPs This Fall

L1: Treasury To Rule On SEPPs This FallI have some good news and some bad news. I spoke with the IRS/AGCs office today with the guy who is either heading up the IRS study group or at least sits on the study group for this whole 72(t) issue of “premature account exhaustion”; e.g. the IRA runs dry before attaining the later of age 59 1/2 or 5 years.He indicated that he has approximately 8 PLR requests (two which are mine) and is collecting them all together for common analysis & rulings. In any event, there is an internal study group addressing the whole 72(t) issue and all rulings on 72(t) are being held/frozen for the next 60 or so days waiting for the findings of the study group. (This is the bad news). The good news is that the study group exists and is supposed to finish its work within calendar 2002 and will then issue its replies on all of the outstanding PLR requests & may further (unknown/uncertain here) issue a Revenue Ruling (RR) or Revenue Notice for the Commissioner to sign. Further, it was my impression from the phone conversation that the Service is postively inclined to provide some form of relief to taxpayers and further that the word has come down from on high to solve this whole issue quickly; meaning at least in time for PLR submitting taxpayers to impliment in 2002. Theorectically, this RR, if issued, will supercede the old Notice 89-25 as well as address a whole host of other 72(t) issues including the whole premature account exhaustion issue.Bottom line — the wheels of “progress” are in motion but not really spinning too fast at the moment. This study group, at a minimum, will get all of the ourstanding PLR requests answered this Fall. As a result, if you are in a particular hurry, you should get your PLR request submitted quickly to be assured an answer a little later this Fall. That the study group may issue an RR or Notice is nice to hear but I am personally fearful that this may be wishful thinking; at least for 2002.TheBadgerwjstecker@wispertel.net2002-09-01 15:26, By: TheBadger, IP: [127.0.0.1]