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IRS Explains How Prohibited Transaction Taxes Computed on Bad Plan Loan Over Several Years (PDF)
Internal Revenue Service [IRS] 
[Official Guidance] June 27, 2002
Excerpt: When a loan from a qualified plan that is a prohibited transaction spans successive taxable years, and thus constitutes multiple prohibited transactions, and during those years the first tier prohibited transaction excise tax rate under section 4975 of the Internal Revenue Code changes, how is the excise tax computed?
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