IRS Gets Its Wings Clipped on Roth IRA’s and “Substance Over Form” Doctrine
The 6th Circuit recently released a case that is good news for taxpayers on several levels. In Summa Holdings, the Court ruled that a Roth-IRA-owned Corporation to which the Roth owner fed business and used to stuff his Roth IRA… Continue reading
Real estate entrepreneur pays obscene taxes after typical “Checkbook LLC” arrangement blows up; some notes on “dealer” status & other flipper tax issues
Quick Synopsis
An engineer from Phoenix made a living doing “Phase I” and similar types of environmental impact reports for purchasers of commercial properties. When the 2008 crash came, his business declined. He started flipping properties and did quite well… Continue reading
Service Providers Can & Will Destroy Your IRA
I have started to notice a disturbing pattern: Service providers destroying their clients’ IRA’s. Nothing speaks like examples, I shall provide two that I have seen in the last year. I have edited the facts for the sake of privacy.… Continue reading
The Thiessen Tax Court Case – Loan Guarantees = Prohibited Transactions & Other Lessons
The basic lesson:
Do not guarantee loans for your IRA, or for any entity owned by your IRA. A corollary would be: Do not use IRA property to secure a personal loan. Get qualified, objective help when entering into IRA… Continue reading
Speech to ETC re: Prohibited Transactions
If you have not heard me speak, here’s a download of a presentation I gave at the Equity Trust Company Conference in 2014. It should give you a feel for my qualifications and approach. You’ll also learn a… Continue reading
