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Showing results for tags 'Greater than 5% owner'.
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If a person holds an ownership interest of greater than 5% in a Company, but the person is not an employee of the Company, and he or she does not receive a salary /guaranteed payments from ABC Company, Is this person required to take an RMD from the Company if he or she meets the RMD requirements? I thought for purposes of section 401(a)(9), a 5-percent owner is an employee of the company and in this situation since the person is not an employee of the Company and did not receive a salary/guaranteed payments from the Company he or she would not be required to take an RMD from the Company.
