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Self-Dealing Takes on New Meaning with Rollover-as-Business-Startup IRA
fi360 Link to more items from this source
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)]

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