|
Posted by Dick Adams on April 21, 2008, 6:31 pm
Please log in for more thread options
> Dick Adams wrote:
>>> I'm quite sure that IRS has not approved any
>>> prototype plan for quite this situation. But
>>> there are plans for owning securities in any
>>> companies, so that is not the problem. Finding
>>> a willing custodian/trustee is the problem.
>> Where are the qualifications and rules for being
>> a custodian?
> Independence in thought and action.
I have a complete lack of knowledge of IRA
custodial issues. My question should have been
worded "What does one do to be a custodian?"
>>> Self dealing would be no problem just as long
>>> as he or any company he controlled had no
>>> dealings with those selected. After all, it's
>>> just ownership of stock which wouldn't in itself
>>> help one of those companies.
>> This question was asked of me by an accountant.
>> Based on the above statement, am I correct in
>> inferring that he could not be the accountant
>> compiling monthly financials and preparing tax
>> returns for companies in which his Roth had
>> invested even if he exercized no management
>> functions?
> I'm quite sure that IRS would not approve of
> this arrangement, because he does have a
> financial interest in companies his self-directed
> ROTH might buy.
I am NOT picking at straws, but everyone with a
self-directed IRA who invests in the company for
which they work has a financial interest in the
investment. Is the case of a contractual
accountant that different or would it be the
percentage of ownership.
> I'm wondering also whether or not the AICPA might
> have some strictures and prohibitions on the
> subject. Eh?
The last time I looked the AICPA rulespaffected only
auditors, not bean counters.
> (most intervening comments deleted because of bias
> of the writer.....!) (grin)
Facts are not biases. ;)
>> Considering the Chicago Chokers of Wrigley Graveyard
>> infamy have had only 16 winning seasons over the last
>> 60 years (and six of those were in the Durocher years
>> (1967-1972), I would cut that probability of them
>> being in a WS at 30% and winning it at 15%. Of course,
>> these odds would change if they moved out of that
>> cracker jack ballpark and into a major league ballpark.
>> Unless that happened, I'll lay a 750ml bottle of Jack
>> Daniels Single Barrel against an equivalent bottle of
>> your choice of Scotch that Windy City Whuses do not
>> win a WS by 2030.
> EgaD! Do you realize how OLD you'll be by then?
Since I am both younger and better looking than you,
it is not in your self interest to bring up age.
>> I expect the only Major League team in Chicago, YOUR
>> Chicago White Sox, will win two more World Series by
>> 2030.
>>> Given your past comments I just wonder; IF I wound up
>>> with two tickets to game seven and offered you one,
>>> would you take it?
>> Harlan, I would be honored to attend any baseball game
>> with a valued colleague. I would accept the ticket and
>> attend UNLESS I had to sit near Commissioner Kevorkian!
>> I would, of course, root for the AL team - even if it
>> was Darth Vader's contempable Bronx Street Urchins.
> Was hoping you would be the winner of the extra ticket.
> When it occurs, (not IF), I'll need your address and
> SSN for the 1099-misc.
What a guy! You offer me a ticket, ask if I will take
it, and then you want to issue me a 1099? But then
most Cub fans can't spell 1099!
Dick
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
| 
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap