BG5150 Posted April 18, 2017 Posted April 18, 2017 We have a plan where a participant took out a $50,000 loan many moons ago, and it's set up as only interest payments are due (while he's employed). Evidently this set up was, at one time, acceptable. Really? QKA, QPA, CPC, ERPATwo wrongs don't make a right, but three rights make a left.
BG5150 Posted April 18, 2017 Author Posted April 18, 2017 Wow. Pre-dates my entry into the field. Plan was effective in 1976, so it could make sense. QKA, QPA, CPC, ERPATwo wrongs don't make a right, but three rights make a left.
Peter Gulia Posted April 18, 2017 Posted April 18, 2017 Consider checking the transition rules of the Tax Equity and Fiscal Responsibility Act of 1982. Peter Gulia PC Fiduciary Guidance Counsel Philadelphia, Pennsylvania 215-732-1552 Peter@FiduciaryGuidanceCounsel.com
BG5150 Posted April 18, 2017 Author Posted April 18, 2017 6 minutes ago, Fiduciary Guidance Counsel said: Consider checking the transition rules of the Tax Equity and Fiscal Responsibility Act of 1982. That sounds like it would be fascinating reading... Bill Presson 1 QKA, QPA, CPC, ERPATwo wrongs don't make a right, but three rights make a left.
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