IRC Section 7503 and "Required Beginning Date"

Technical topics regarding tax preparation.
#1
Posts:
2353
Joined:
13-Sep-2014 9:37am
Location:
U.S. Capitol
Will somebody please tell us why the "Saturday, Sunday, or legal holiday" rule of Section 7503 doesn't apply [if that's the case] to Section 401(a)(9)'s "required beginning date" of April 1st (which happens to fall on a Sunday this year).

Section 7503, in part, says:
When the last day prescribed under authority of the internal revenue laws for performing any act falls on Saturday, Sunday, or a legal holiday, the performance of such act shall be considered timely if it is performed on the next succeeding day which is not a Saturday, Sunday, or a legal holiday.

and
Section 401(a)(9) says, among other things, this:
(C)Required beginning date.—For purposes of this paragraph—
(i)In general.—The term “required beginning date” means April 1 of the calendar year following the later of—
(I) the calendar year in which the employee attains age 70½, or
(II) the calendar year in which the employee retires.


Thank You.

Please note the statutory language "...shall be considered timely" in Section 401. Not much wiggle room there, IMO.
 

Return to Taxation



Who is online

Users browsing this forum: Google [Bot], Google Adsense [Bot], JessCPA113, JoJoCPA, Nilodop and 119 guests