Ponzi Scheme Victim's Bill of Rights Act of 2010

Summary

Ponzi Scheme Victim's Bill of Rights Act of 2010 - Amends the Internal Revenue Code to allow: (1) a special tax deduction for qualified fraudulent investment losses held in an individual retirement account (IRA); (2) a six-year carryback of net operating losses which are qualified fraudulent investment losses; (3) withdrawals from tax-exempt retirement plans for a 10-year period without penalty to replace qualified fraudulent investment losses; (4) catch-up contributions to retirement plans to compensate for fraudulent investment losses; and (5) an extension of the limitation period for filing refund claims for overpayments of tax in connection with gifts and bequests of an interest in an investment for which there is a qualified fraudulent investment loss. Defines "qualified fraudulent investment loss" as a loss discovered in 2008 or 2009 resulting from a fraudulent arrangement in which a person receives cash or property from investors, purports to earn income for investors, reports partially or wholly fictitious income to such investors, makes payments to some investors from payments made by other investors, and appropriates some or all of the investors' cash or property.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 25 March 2010

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 25 March 2010

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• Introduced in Senate

  summary · EN · 25 March 2010

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