Posted on 12/03/2021 7:20:05 AM PST by DUMBGRUNT
Since I need it for retirement I should not have to pay taxes on my withdrawal, correct?
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I’m not sure how I feel about this situation. However, you don’t really give a good analogy.
A car is not allowed in an IRA, gold and silver is allowed.
It seems that the sticking point of the law is that they needed a third party oversight, not because it was at home.
If they had an independent audit done every year, that might have saved them.
—”Here is a more extensive article that details this case and the legal reasoning.”
Eric “Otter” Stratton:” You f***ed up, you trusted us.”
‘Ripe for abuse’, maybe. But these folks did not abuse so what is the problem? Collective punishment is wrong. I hope this is reversed on appeal.
It was a book before it was a series, and although Neil Gaiman is an imaginative and prolific author, American Gods is stilted and difficult to follow. My wife and I listened to the audiobook and didn’t enjoy it much. We also listened to Nancy Boys. They use mythologies as inspiration but you always know how it is going to go. He wrote the story for a movie about the girl that was a fallen star,and also Watchmen which was good as a graphic novel, medium as a movie, and unremarkable as a tv series on HBO.
yes, if they say they had no intention of abusing their control of the assets, and they didn’t abuse their control of the assets, then this is only a paper crime. The penalty should be paperwork. Establishing some kind of trust with an outside trustee should be sufficient to repair this, but I expect the feds want an example and want a penalty to encourage fear among we peasants.
The quote from the wsj is not coherent- it indicates that as a result of her having to dissolve the LLC in the judges decision (meaning divest to cash, meaning selling?)
Here’s the line. Took it to mean the court forced her to sell the coins with a taxable liability for the payout.
“......so it doesn’t allow for storage in a safe at home. Because that wasn’t allowed, Mrs. McNulty had a taxable payout from her IRA payout of the coins’ $411,000 value. “
If they had taken a cash secured load against the IRA, then bought the gold with the loan money they would be OK...
Most sensible advice i’ve read in the thread so far.
Interesting take on the situation. What do you think "X" and "BroJoeK"?
I started typing a message with the exact same point, but I backed out because I didn't want to be antagonistic.
Yes, what you "could have" done is a ridiculous argument.
I think this is an assumption of guilt prior to the fact.
Like they are with ANTIFA and BLM who committed arsons and assaults being punished to the same degree as people who walked through the capitol building on January 6th?
I am a physically strong male. Therefore, I could be tried for rape. Not that I would, but... I have all the prerequisites to meet that same lame-ass retarded standard the IRS is using here.
I checked into purchasing gold/silver American Eagles in my 401k and was told that a third party has to manage it, not me. I wanted physical possession and was told that wasn’t possible until after I started taking distributions.
Or vice versa.
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