Advising victims of Madoff fraud CLE

ABA Section of Taxation and the Section of Real Property, Trust and Estate Law are co-sponsoring a teleconference and life audio webcast on March 26, 2009 entitled Tax Issues of the Madoff Scandal: Advising Victims of Investment Fraud.

Here is a description of this program:

Fraudulent schemes by supposedly reputable investment advisors have left their investor-victims trying to determine what to do. These victims need guidance on the tax and other implications of their failed investments. Many decisions need to be made quickly to protect victims’ rights and options.

Our panel will discuss implications of these investment losses, including:

• How to handle phantom income reported in prior years

• Claiming a theft loss

• Trust and estate income tax issues

• Implications for traditional and Roth IRAs that suffer Bankruptcy procedures and “clawback rules”

• Estate tax issues