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February 24, 2010

Treasury Hearing on IRC 104(a)(2) | Settlement Planners' Attempt to Waste Taxpayers' Time Fails

by Structured Settlement Watchdog®

Dick Doesn't Get Jack

It was a case of "Dick' not getting 'Jack' when, as expected,  the Treasury Panel presiding over yesterday's IRC 104(a)(2 hearing) pushed back 'forum shopping'  interlopers Jack Meligan and Dick Risk by informing them them that the hearing WAS NOT the forum to argue IRC 468B single claimant qualified settlement funds.

An Unconvincing Strategy to Stray Off Point into the Non Sequitur

Meligan argued that the National Structured Settlements Trade Association (NSSTA) doesn't represent all structured settlement consultants and I agree. However based on unconvincing strategy (punctuated by the plaintiff wail of "why did you remove single claimant 468B from the Priority Guidance Plan"?) one could also say that Meligan did not represent all those who have an interest in the resolution of questions conerning single claimant 468B qualified settlement funds. In 2003 those guns were partners at venerable Skadden Arps with notable histories at Treasury or IRS.  In 2010 is the best there is "Jack Meligan" and "Dick Risk"?

While assigning an appropriate nod to the right to free speech, given the easily foreseeable outcome one can't help but view that the left wing front of the settlement industry was simply wasting tax payers' money and time during a period of economic crisis. John McCulloch of IFS Corp deserves a hand for showing that there are those in the industry who desire to keep things on point.

Jeremy Babener does a nice job of summarizing the "voices" at the 104(a)(2) hearing on Beyond Structured Settlements. Still not sure what Babener's gig is after he threw his QSF white paper into the IRC 104(a)(2) comments mix in the lead up to the hearing. 

Posted at 02:05 PM in IRC 104(a) Income Tax Exclusion Damages PI | Sickness | WorkComp, IRC 468B Qualified Settlement Fund, Jeremy Babener | Commentary on His White Papers, NSSTA, Richard B. Risk, Jr. | Commentary About Dick Risk and his Positions, Single Claimant 468B, Single Claimant QSF, Structured Settlement Industry News, Structured Settlement Watchdog® |

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