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Rule of 72?

November 17, 2011

Where on Earth did this idea come from?

Petitioner did not file Federal income tax returns for the tax years 1999 through 2005. Petitioner believed that once he turned 72 years old, he did not have to pay taxes anymore.

The man must have been sorely disappointed by the Tax Court decision yesterday holding otherwise.

Cite: West, T.C. Memo. 2011-272

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