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The Paradox of Participant Loans in Default: A Taxable Distribution of a Loan Balance Still Considered to Remain Outstanding
Belfint Lyons & Shuman, CPAs Link to more items from this source
[Guidance Overview]
Mar. 22, 2017

"[K]eeping two sets of books is sometimes a legitimate practice, required precisely to comply with IRS rules that regulate different aspects of each set of books. For example, the difference between deemed distributions of loans in default and the actual loan offset requires a double set of books.... The first set of books is needed to comply with the taxable distribution rules and the second one to comply with the top-heavy test and the maximum available loan computations."  MORE >>

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