Jilliandiz
Jun 26 2006, 08:25 AM
Are there any rulings regarding purchasing land from your IRA?
jevd
Jun 26 2006, 11:13 AM
If it's YOUR IRA then its a PT and the entire IRA is disqualified as of the first day of the transaction year and entire value is taxable.
vebaguru
Jun 26 2006, 01:06 PM
The appropriate manner of transferring land from an IRA to the IRA holder is a distribution, not a purchase. The DoL has no jurisdiction over IRAs, so no rulings would be available through them.
mjb
Jun 26 2006, 06:00 PM
VG: DOL issues PT letter on IRAs since it has jurisdiction over all PT issues including IRC 4975. IRS enforces payment of PT tax and violations of PT rules by IRAs subject to DOL opinions.
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