Individual does not qualify as IRA trustee; account holders suffer consequences

Article Abstract:

Persons intending to rollover funds into IRAs should assure themselves that their nonbank trustees are qualified nonindividual trustees by receiving copies of IRS letters containing that determination. The Tax Court in 1998's Schoof v. Commissioner held that the rule of nonindividual IRA trustees is statutory resulting in the substantial compliance test not being applicable. The individual trustee in the case was a sole proprietor financial planner whose business name included 'incorporated,' deceiving 12 IRA holders who had to include the funds in income and pay the 10% withdrawal penalty.

United States, Cases, Individual retirement accounts

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The year of living dangerously

Article Abstract:

Hirsch, Neil

Motion pictures, Movies, Movie Review, B-, The Year of Living Dangerously (Motion picture), Weir, Peter, Hunt, Linda, Gibson, Mel

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