Show:
Prohibited Transactions
Disqualified Persons
PENSCO Requirements
IRC and Regulations
Trivia
100
This type of prohibited transaction can occur if you were to personally guarantee a loan for your IRA.
What is an extension of credit prohibited transaction.
100
This disqualified person is the primary dq on the account.
What is the account owner.
100
This PENSCO requirement is one that applies to all PENSCO clients, regardless of asset type, and is used to fulfill our reporting requirements for IRS form 5498
What is an Annual Valuation
100
This section of IRS code governs IRAs.
What is IRC 408
100
This legendary Benedictine monk invented champagne.
Who is Dom Perignon
200
This entity is the final authority on whether a transaction is prohibited or not.
What is the IRS
200
A company owned in this percentage cumulatively by disqualified persons is also disqualified.
What is 50%
200
This PENSCO requirement applies to clients on the "U" and "EQ" fee schedules.
What is a minimum balance requirement.
200
This prohibited transaction exemption allows you to loan funds to your IRA in order to prevent the loss of an asset.
What is PTE 80-26
200
This type of craftsman shoes horses for a living.
Who is a farrier.
300
This type of prohibited transaction involves using a 3rd party to circumvent the rules
What is a linked transaction
300
These people are disqualified persons due to their involvement with a business that is disqualified.
Who are 10% shareholders, managers/directors, and highly compensated employees.
300
This professional is required when a client is holding income producing property.
Who is a property manager
300
This section of IRS code defines disqualified persons and sets guidelines for prohibited transactions.
What is IRC 4975
300
This is the meaning of the term "Piano".
What is 'to be played softly'
400
This is the percentage of excise tax charged on the amount involved in a prohibited transaction
What is 6%
400
Different from co-investing, this term is defined as doing business with a disqualified person.
What is transacting
400
A special advisor could be one of these two types of professional.
What is a CPA or an Attorney.
400
This DOL opinion letter addresses enabling, specifically in using an IRA to fulfill a personal capital requirement into Bernie Madoff's LP.
What is DOL 2000-10A
400
This binding agent was used to bind together color pigments when painting with tempera.
What is Egg Yolk
500
In this tax case, the accused got away with a prohibited transaction because of the way the IRS structured their case against him. They targeted the investment into a single member LLC rather than the prohibited transaction which that single member LLC engaged in.
What is Swanson vs Tax Court, 1996
500
This type of disqualified person exercises any discretionary authority or discretionary control with respect to the management of a plan.
What is a Fiduciary
500
PENSCO may require this if the client works for a company into which they wish to have their IRA invest.
What is a side letter.
500
Regulations concerning UDFI and UBIT can be found in this section of IRS code.
What is IRC 598
500
This English town was a forerunner of the Parks Movement and the first city in Europe to have a street tram system
What is Birkenhead