retbenser Posted December 18, 2011 Posted December 18, 2011 Husband and wife corporations. Wife owns 100% of dental practice 1 Wife owns 79% of dental practice 2 Husband owns 100% of consulting firm 1 Husband owns 79% of consulting firm 2 Wife and Husband satisfy 1563(e) with no child under 21. Question: does each of the 4 plans have separate 415 limit? Thanks for all responses.
Andy the Actuary Posted December 18, 2011 Posted December 18, 2011 IRC Sec. 415(h) answers your question -- namely, 80% is replaced by 50% in the controlled group definition for purposes of 415. The material provided and the opinions expressed in this post are for general informational purposes only and should not be used or relied upon as the basis for any action or inaction. You should obtain appropriate tax, legal, or other professional advice.
retbenser Posted December 18, 2011 Author Posted December 18, 2011 IRC Sec. 415(h) answers your question -- namely, 80% is replaced by 50% in the controlled group definition for purposes of 415. So it I change 79% to 49%, the answer is yes? Thanks
retbenser Posted December 18, 2011 Author Posted December 18, 2011 IRC Sec. 415(h) answers your question -- namely, 80% is replaced by 50% in the controlled group definition for purposes of 415. http://benefitslink.com/modperl/qa.cgi?db=...oyer&id=279 Please see link above. Per the link, the answer is yes?
retbenser Posted December 20, 2011 Author Posted December 20, 2011 Is it a community property state? No, it is not. Also, all the other shareholders are different individuals.
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