Peek v. Commissioner – Personal Guarantee of Loan Triggers Self-Directed IRA Prohibited Transaction

June 18th, 2013

In Peek v. Commissioner (May 9, 2013), the U.S. Tax Court ruled that a taxpayer’s personal guaranty of a loan by a corporation owned by the individual’s IRA is a prohibited transaction under section 4975(c)(1)(B).  The Court found that the taxpayers had provided an indirect extension of credit to the IRAs, a prohibited transaction under […]

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New Rules for Making Charitable Contributions With Retirement Funds

January 26th, 2011

The qualified charitable distribution provisions were renewed for 2010 and 2011, allowing individuals age 70½ or over to exclude from gross income up to $100,000 that is paid directly from their IRA or 401K

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