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The U.S. Master Pension Guide reflects the latest regulations, rulings and cases for qualified retirement plans, surveying the different type of plans from which an employer may choose, and describing the procedures for obtaining plan qualification.
Where an individual sells stock or securities for a loss and causes his or her traditional or Roth IRA to purchase substantially identical stock or securities within a specified period, the loss on the sale of the stock or securities is disallowed under the wash sale rules of Code Sec. 1091, according to an IRS ruling.
The ruling addresses the situation where a taxpayer sells stock or securities at a loss, then purchases substantially the same stock or securities within 30 days of the sale through his traditional or Roth IRA. The loss on the sale of stock would be disallowed for tax purposes under the wash sales rules of Code Sec. 1091, the IRS ruled, and the taxpayer’s basis in the IRA would not be increased. The ruling did not address any issue arising under the prohibited transaction rules of Code Sec. 4975.
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