Hence, the facts of that case are not a part of the record on appeal. For the purposes of background, the facts of that case are taken from the ICA opinion in Realty Finance, Inc. v. Schmidt, (Realty I), No. 23441, 98 Hawai‘i 512, 51 P.3d 379 (Haw.App. June 27, 2002) (mem.), available at http://www.state.hi.us/jud/ica23441mop2.htm # , and from the supreme court Opinion in Realty II. On June 10, 1991, Petitioners executed and delivered a promissory note secured by a mortgage to Investors Finance, Inc. (Investors) in the amount of $228,853.72.
Int. Ct. App. Haw. Certiorari denied. Reported below: 98 Haw. 512, 51 P. 3d 379.
The “trustee-to-trustee” roll-over preserves the tax-free nature of the transaction. Anonymous v. Anonymous, 27 Employee Benefits Cas. 1293 (S.D.N.Y.2001) (QDRO is an statutory exception to ERISA's general bar on the assignment of plan benefits, and is a mechanism whereby a qualified individual, known as an “alternate payee,” can serve certain domestic relation orders on the administrator of another person's without any immediate tax impact); Cadet v. Cadet, 216 N.Y.L.J. 113 (Sup.Ct. Rockland Cty.1996) (a QDRO permits a roll over to be effected from defendant's account to plaintiff's account in a manner which will result in a tax-free transaction); see also Waggener v. Waggener, 51 P.3d 379, 2002 Haw.App. LEXIS 136, p. 8 (Hi.Ct.App.2002) (all or any portion of the interest in a qualified plan that is awarded to a spouse by a QDRO may be rolled over tax free to an IRA or to another qualified plan, subject to the same rules that apply in the case of a distribution to a participant, citingInternal Revenue Code § 402[c] and [e][1][B] ); Rodoni v. Commissioner, 105 T.C. 29, 34 (Tax Ct.1995), (Section 402[a][6][F] of the Code provides an exception to the general rule for certain rollovers by recipients of distributions made pursuant to a QDRO, if the recipient transfers, or rolls over, the distributed property into an IRA or other qualified plan).