Guest rocnrols2 Posted November 5, 2003 Posted November 5, 2003 Plan X allows participant loans, but prohibits the taking of a new loan in the same calendar year that an outstanding loan is paid off. X takes a loan in 2000 and pays it off in 2003. In 2003, x requests and obtains a new loann. This is a qualification issue since there is a violations of the plan's terms. However, it does not implicate Section 72(p). Any suggestions on how to correct this?
Guest Robin.Wolf Posted November 25, 2003 Posted November 25, 2003 Self-correct under Rev. Proc. 2003-44?
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