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The following tax notice was shared with us: Ponzi Losses and IRAs.

It is a response letter from Chief John P. Moriarty at the Department of the Treasury to the Honorable Orrin G. Hatch on the topic of tax treatment between the losses direct and indirect investors sustained from the fraud Mr. Bernard L. Madoff perpetrated.

The letter may be significant as it does discuss lost funds in personal savings, a charitable remainder trust, and Individual Retirement Accounts (IRAs).

While Foremost Trading is not a tax advisor and cannot offer tax advice, you should consult your tax advisor about this topic and may want to share this letter.

The Foremost Trading Team

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