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- Title
Retirement Account Invalidated after Self-Directed Individual Retirement Account-Owned Limited Liability Company Pays Compensation to Individual Retirement Account Owner.
- Authors
Baker, Warren L.
- Abstract
This column discusses the most recent U.S. Tax Court opinion on the matter of self-directed individual retirement accounts, Ellis v. Commissioner, in which "prohibited transactions" resulted in the retroactive invalidation of an IRA-owned limited liability company. Professional advisors must ensure that clients receive proper guidance and exercise caution to avoid such transactions.
- Subjects
UNITED States; SELF-directed individual retirement accounts; TAXATION of individual retirement accounts; PROHIBITED transactions (Employee benefits); TAX court decisions; LIMITED liability partnership; TAX planning; TAX laws
- Publication
Journal of Financial Service Professionals, 2014, Vol 68, Issue 1, p33
- ISSN
1537-1816
- Publication type
Article