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Required Minimum Distribution Question


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#1 KD40

KD40

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Posted 24 June 2003 - 10:09 AM

Can someone answer the below question regarding RMD's?

A father works at a company in which he has no ownership, but his sons do, and they are greater than 5% owners. The father is 75 years of age and is still a full-time employee. Is he required to take a RMD payment or can he delay this payment till he terms? Was uncertain if the family attribution rules related to RMD payments.

#2 Blinky the 3-eyed Fish

Blinky the 3-eyed Fish

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Posted 24 June 2003 - 10:24 AM

The 318 attribution rules apply and the father is considered owning the sons' shares. Thus, he must take RMD's.
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