Tax Court Ruling Clarifies IRA Transactions
from Accounting Today
From Jan. 8:
A recent ruling by the U.S. Tax Court holds a costly reminder about the consequences of making inappropriate transactions within a client's individual retirement account. In a case that centered on two investors' relationship to a company held by their retirement accounts, the court ruled that two business partners' IRAs were disqualified under the prohibited transaction rules when they guaranteed loans to a company owned by their IRAs.
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