From the Wall Street Journal's Total Return blog:
A top Treasury official, responding to a letter from Rep. George Miller (D., Calif.), said the Internal Revenue Service is focusing on the valuation of assets contributed to individual retirement accounts. Mark Mazur, the recently confirmed assistant secretary for tax policy, said in a Sept. 19 letter that the IRS has “pursued these issues diligently” recently.If that doesn't take you back. It's feels just like Attorney General John Mitchell, John Dean and the rest of "Richard Nixon's Secret Tapes Club Band" putting the Enemies List together.
At issue is whether nontraded assets in IRAs and Roth IRAs were properly valued at the time they were put in the accounts. It surfaced publicly after a Wall Street Journal article last January noted that Mitt Romney’s reported IRA is between $21 million and $102 million, far larger than the norm, perhaps because of contributions of nontraded assets to a retirement plan that was rolled over into an IRA....MORE
The Congressman has already had hearings on merging private IRA's and 401K's into the social security system.
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