Loan & Distribution Specialist AimPoint Pension
|
AimPoint Pension
|
Defined Benefit Combo Cash Balance Compliance Consultant Loren D. Stark Company (LDSCO)
|
Bates & Company, Inc.
|
Compass
|
Regional Vice President of Sales The Retirement Plan Company
|
“BenefitsLink continues to be the most valuable resource we have at the firm.”
-- An attorney subscriber
Self-Dealing Takes on New Meaning with Rollover-as-Business-Startup IRA
fi360 Nov. 19, 2013
"'In essence, Mr. Ellis formulated a plan in which he would use his retirement savings as startup capital for a used car business,' Judge Paris stated. 'Mr. Ellis effected this plan by establishing the used car business as an investment of his IRA, attempting to preserve the integrity of the IRA as a qualified retirement plan. However, this is precisely the kind of self-dealing that section 4975 was enacted to prevent.'" [Ellis v. Commissioner, T.C. Memo 2013-245 (U.S.T.C. Oct. 29, 2013)]
|
Please click here to report this link if it is broken (for example, if you see a "404 File Not Found" error message after you click on the linked news item's title). |
An important word about authorship: BenefitsLink® created this link to the news item, but we are not the news item's author (unless expressly shown above). |