CCA 200911021
Levy Procedure
ID:
Office:
UILC:
CCA_2009020309260953
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6331.18-00
Number: 200911021
Release Date: 3/13/2009
From: ---
Sent: Tuesday, February 03, 2009 9:26:16 AM
To: ---
Cc: ---
Subject: RE: Levying a brokerage account containing mutual funds
Hi --- - --- has concluded that mutual funds are very similar to cash because they are not sold but are redeemed for cash. Therefore brokers should redeem them when served with a levy and turn cash over to the IRS. See IRM 5.11.6.8. Yes, I agree that the levy is enough authorization for the broker to liquidate the mutual funds. Please call me if you have any further questions.
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Source: view the official PDF
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