50 years ago in The Tax Adviser.
Here are some highlights from the November 1970 issue.
Lump-sum distributions from qualified retirement plans
Before the enactment of the Tax Reform Act, lump sum distributions from qualified "corporate" pension, profit-sharing, stock bonus, and annuity plans were entitled to capital gain treatment under Sec. 402(a)(2) if made on account of the employee's separation from service or on account of his death (after such separation).... The Tax Reform Act has restricted the availability of capital gain treatment for such lump sum distributions. The other tax advantages have not been disturbed.
--Stuart R. Josephs, CPA, "TRA Provisions Affecting Restricted and Deferred Compensation, "p. 679. Josephs was a principal with Arthur Young & Co. in Milwaukee.
Statements on Responsibilities in Tax Practice
The tax division of the American Institute of Certified Public Accountants recently issued three new Statements on Responsibilities in Tax Practice. The Statements are titled: "Knowledge of Error--Return Preparation"; "Knowledge of Error--Administrative Proceedings"; and "Advice to Clients."... The Statements recommend standards of responsibility for the CPA in relation to his client, the public, the government and his profession.
--Herbert Finkston, CPA, "Professions at Work: New Statements on Responsibilities in Tax Practice, "p. 704. Finkston was assistant director of the AICPA...
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