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Found 2 results

  1. Group: In researching ESOP Loans and potential prohibited transaction violations of ERISA under 406(a) I'm curious more than anything whether Sam Zell was assessed for violating 406 as that transaction seems to be a direct transaction with a potential for conflict of interest? Did his bankruptcy discharge any potential prohibited transaction violations? Did the esop loan meet erisa 408 exemption? Is erisa prohibited transaction rule 406(a) intended for esop loans? Thoughts and comments appreciated. Resources and court cases would be helpful as well as I'm beginning research on this topic. Thank you
  2. The owner of an IRA engaged in a PT in 2011. We know the consequence is all assets in the IRA are treated as having been distributed to the owner at their 1/1/2011 value and the account is no longer an IRA as of that date. We're planning on filing amended individual income tax returns for 2011 and forward and reporting the deemed distribution on the 2011 return (fortunately the owner was over 59 1/2). We'll also report all investment income/expenses and realized gains/losses in the account as adjustments on the amended individual returns along with backing out the RMDs. We're assuming the investment holding period for purposes of determining whether realized gains/losses are short or long term started at the 1/1/2011 deemed distribution date. Does this sound like the correct reporting? Does the IRA custodian have to file amended 1099-Rs and Forms 5498? Anything in the way of other disclosures/reporting that we should be concerned about? Thanks
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