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Question 65: An LLC taxed as a partnership has four owners, three of whom are medical corporations and one is an individual doctor. The three corporations and the partnership are an affiliated service group. The LLC has one rank-and-file employee, who participates in a 25% money purchase pension plan. That plan excludes doctors from participating. The individual doctor owner would like a plan. Can he set one up? | |
Answer: Directly, no, but he does have options.
Again, the modification of IRC 401(a)(26) so it does not apply to defined contribution plans allows you to have these multiple plans in an affiliated service group situation. |
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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