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I have a corporation with a qualified profit sharing plan. The corporation is being liquidate by the sole shareholder, who will there after engage in business as a sole proprietor. The corporate profit sharing plan's only asset is a deceased participant's benefit account of approximately $500,000, that is being paid out to his three beneficiaries (one of which is the sole shareholder) over the next 10 years. My question is: Can the sole proprietor sponsor and adopt the corporate plan and continue it as a qualified plan and continue to pay out the account to the beneficiaries?
