IRC Section 101 (a) (1) & 7702 . . . Need To Know!

During my tenure in the insurance business there were many, many occasions whereby an IRC (Internal Revenue Code) came to the aid of my clientele, especially small business clients and provided tax free, tax favored or revenue re-caputure provisions that provided tremendous benefits both short and long term. If you ever looked at the Internal Revenue Code you would probably be old and gray before you ever finished it much less understood it to any great degree. I was privileged during my career to be in relationship with five out of the eight then Big 8 CPA firms as my referring “Influencers” to their clients. Arthur Young, Arthur Andersen (now defunct) were names that were trusted and respected in that era. During the 1970’s a product known as Single Premium Whole Life was introduced and it was highly touted and sought after because the tax treatment on withdrawal was LIFO vs FIFO. This would mean that clients could literally take out their earnings TAX FREE up to basis (the original principal investment) and NEVER pay a dime of income taxes and with very attractive interest rate returns due the Carter “Inflationary” economy which had prime at double digit interest rates. Needless to say my agency earned a good deal of revenue from these IRC Codes that provided sorely needed tax relief for our clients. Today, I will be interviewing some very talented individuals and Alumni Advertisers currently with the show. They are going to inform us of two IRC Codes that will be of great benefit to you the small business both now and in the future. Judge Learned Hand of the United States Court of Appeals once stated, “Any one may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patriotic duty to increase one's taxes.” Tax Avoidance is not possible but Tax Favored is always worth investigating. Tune in today to find out more about . . . What You Don’t Know!