Posts tagged Thiessen v. Commissioner.
On March 29, 2016, the United States Tax Court released another case illustrating the hazards associated with investing individual retirement account ("IRA") assets in "non-traditional" investments. Upon retirement, some retirees consider starting a second career. In these situations, the retiree may be tempted to fund this second career through the purchase of a business with IRA assets. Thiessen v. Commissioner, 146 T.C. No. 7, illustrates the bad tax results that can happen.
Background
James Thiessen studied metal fabrication in high school and worked at a metal ...
Posted in: Federal Tax, Nonprofit Organizations and Benefit Plans
Tags: 146 T.C. No. 7, Individual Retirement Account, investing IRA assets in non-traditional investments, taxable IRA, Thiessen v. Commissioner, Tradition vs. non-traditional IRA