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Post details: Tax Refund Directly Traceable to Exempt Funds Was Also Exempt (In re Sparks, BC-DC Ohio)
08/05/09
Tax Refund Directly Traceable to Exempt Funds Was Also Exempt (In re Sparks, BC-DC Ohio)
CCH (cch.taxgroup.com) reports:
An income tax refund that was traceable to pension, unemployment compensation and Social Security benefits that were exempt under state (Ohio) law was also exempt. The state exemption provisions were clearly designated to protect funds intended primarily for maintenance and support of debtors' families. Therefore, because it was traceable to funds exempt under state and federal statutes, the refund was also exempt.
In re J.W. Sparks, BC-DC Ohio, 2009-2 USTC ¶50,531
Other References:
Code Sec. 6402
CCH Reference - 2009FED ¶38,519.145
Code Sec. 6871
CCH Reference - 2009FED ¶40,630.12
Tax Research Consultant
CCH Reference - TRC IRS: 57,060
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