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Roth IRA Was Not Eligible Shareholder of S Corporation
Wolters Kluwer Law & Business / CCH [Guidance Overview] May 14, 2012
"An individual incorporated his business and elected subchapter S status. The corporation's sole shareholder in 2003 was a custodial Roth IRA for the benefit of the individual. The IRS issued a notice of deficiency, determining that the corporation was taxable as a C corporation for 2003.... [The] Tax Court sided with the IRS, finding that the Roth IRA did not qualify as an eligible shareholder of the S corporation."
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