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Question 187: Jane and her husband John jointly own 100% of Corporation J. Jane also owns 100% of the capital and 55% of the profits of JK Partnership. There are no common law employees in the partnership, and Jane is the only employee in Corporation J. Karl, the 45% income partner in JK, set up a defined benefit plan covering his schedule C income and his K-1 income from JK. Jane now wants to set up a defined benefit plan for herself, for her salary from Corporation J. Is there a problem in doing so? |
Answer: There are really several questions that need to be answered here. |
Answers are provided as general guidance on the subjects covered in the question and are not provided as legal advice to the questioner or to readers. Any legal issues should be reviewed by your legal counsel to apply the law to the particular facts of this and similar situations.
The law in this area changes frequently. Answers are believed to be correct as of the posting dates shown. The completeness or accuracy of a particular answer may be affected by changes in the law (statutes, regulations, rulings, court decisions, etc.) that occur after the date on which a particular Q&A is posted.
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