Learn the facts your custodian doesn't want you to know

“We find that it was unreasonable for [the IRS] to maintain that a prohibited transaction occurred when Worldwide's stock was acquired by IRA #1. The stock acquired in that transaction was newly issued -- prior to that point in time, Worldwide had no shares or shareholders. A corporation without shares or shareholders does not fit within the definition of a disqualified person”

Swanson v. Commissioner, 106 T.C. 76 (1996)

“In light of Swanson, we conclude that a prohibited transaction did not occur under section 4975(c)(1)(A) in the original issuance of the stock of FSC A to the IRAs in this case.”

IRS Field Service Advice (FSA) Memorandum 200128011





INSIDE YOU WILL LEARN THE LEGAL FACTS AND CASE LAW BEHIND THE IRS’ POSITION THAT A CHECKBOOK IRA IS 100% LEGAL AND NOT A PROHIBITED TRANSACTION
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