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Dear Fools:

I'm sorry if this issue has been covered, but I've searched TMF, this board, and done hours of research without an answer, so I've decided to post.

My father is 61, and just sold his home, business, and equipment at absolute auction. His accountant has told him that the proceeds are not taxable.

Does anyone have any suggestions why? I will call the accountant on monday to see what she says.

Whether or not the proceeds are taxable, is there any benefit to him putting the bulk of the money in an IRA? Or does it matter at this point?

Any responses appreciated. (P.S., I've been encouraging him to visit TMF and read up.)
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