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Internal Revenue Code Could Provide Source of Reprieve for US Ponzi Scheme Victims, says Deloitte Expert

NEWS RELEASE

Contacts:
Mark Carrington
(703) 341.5880
mcarrington@bna.com

Arlington, Va. (June 30, 2009) – 2008 was the year the S&P 500 Index posted recorded losses of nearly 40%, and investors were saddled with one of the largest frauds committed in the history of the financial markets. Yesterday, Bernard Madoff was sentenced to serving 150 years in prison. And while financial losses of $13.2 billion are certainly not small challenges for investors to overcome, one unlikely source of reprieve for U.S. taxable investors may lie in the Internal Revenue Code.

“Investors that suspect they have been involved in a fraudulent investment should be aware of how specific details can impact their personal tax situation,” says Deloitte Senior Tax Manager David Earley, who will review The Federal Tax Treatment of “Ponzi” Scheme Theft Losses in a BNA Tax & Accounting webinar at 12:30 pm on July 15, 2009.

What will be covered:
This 60-90 minute webinar (CLE and CPE credits available) will provide participants with a conceptual understanding and practical application of the following:

1. Federal tax rules regarding theft losses
2. Ability to qualify for theft loss recognition
3. Ability to amend for prior years
4. What happens when a partnership interest becomes worthless
5. Has recent IRS guidance cleared up all the issues?

Participants will learn how to:

1. Identify the key tax issues related to theft losses
2. Understand complexities of loss recognition that will need to be looked at closely
3. Understand recent IRS guidance and how safe harbor treatment may apply
4. Apply various losses to maximize taxpayer benefit

To register for this audioconference and obtain further information about CLE and CPE credits, go to: http://tmstore.bna.com/Pagemanager.aspx?pageId=8529 or call 1-800-372-1033, menu Option 6, then Option 1. The fee is $249 for BNA subscribers, $299 for nonsubscribers.

To receive automatic, email notification of upcoming BNA audioconferences that may be of interest to you, go to: http://www.bna.com/emailsignup.htm

About BNA Tax & Accounting Audioconferences
Designed for today's busy practitioners, BNA Tax & Accounting Audioconferences offer the same expertise and relevance that are the hallmark of BNA Tax Management resources. In just 60-90 minutes, practitioners gain in-depth knowledge on a current tax or accounting topic from experts in that area -- and benefit from practical applications that can be put to work immediately. Conference attendees have the opportunity to ask the speakers questions, and may be eligible to earn CLE or CPE credits - all from the convenience of their own office or conference room.

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BNA is the leading independent publisher of print and electronic news and information for professionals in business and government. BNA produces more than 300 news services, including the highly respected Daily Labor Report, U.S. Law Week,and Daily Report for Executives. Visit BNA online at www.bna.com