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[[TMFTaxes, your posts are very helpful. I have been reading messages here for about 4 weeks...
just couldn't understand what you meant in your reply. I thought Mike's statement was correct...

Could you please clarify, your reply?]]

Mike seemed to imply in his response, at least in my reading, that your tax rate in the year of conversion would control the tax rated charged on any conversion funds over the next three years.

That is not the case. I just didn't want anybody to get the impression that if they were in the 15% rate in 1998 (the conversion year), that they would be able to carry over that 15% rate to their conversion amounts in 1999,2000,and 2001...even if their tax rate mushroomed to 39.6%. Nothing could be further from the truth.

If I misunderstood Mike's post, I apologize.

TMF Taxes
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