Clarifications

In the article, “Tax Practice Standards for the New Millennium,” in the March 2000 issue, the first sentence of the last paragraph on p. 178 should have read:

A practitioner who has been disbarred, yet retains his state CPA license, may not be in partnership with another practitioner.

(See Circular 230 Section 10.51(h) and footnotes 13 and 14 of the article.)

Tax Clinic, “IRS Rulings Clarify IRA Distribution Rules,” TTA, Dec. 1999, p. 828, discussed Letter Rulings 9931048 and 9931049. Those rulings allowed multiple designated beneficiaries of a deceased owner’s rollover accounts to use their individual life expectancy tables, instead of the life expectancy of the oldest beneficiary, to compute the minimum payout. Essentially, the rulings allowed each of the rollover accounts to be separate and independent for life-measurement purposes.

Seymour Goldberg, Esq., Goldberg & Goldberg, P.C., Garden City, NY, who obtained Letter Rulings 9931048 and 9931049, advises that they apply only if the IRA owner dies before the required distribution date.