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Manse and Loan Distribution

Guest DSims

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Guest DSims

A participant in a church plan has an outstanding loan. He's a 70 year-old retired minister, who would like to have the loan distributed to him, rather than pay it off. Can he offset this deemed distribution from his eligible Manse amount and essentially make it non-taxable? I can think of no reason he can't but couldn't find anything that said definately yes. Thanks.

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