No Prohibited Transactions. If your account stops being a SIMPLE IRA because you or your beneficiary engaged in a prohibited transaction, the account is treated as distributing all its assets to you at their fair market values on the first day of the year. If the total of those values is more than your basis in the SIMPLE IRA, you will have a taxable gain that is includible in your income.
Appears in 3 contracts
Samples: Customer Agreement, Customer Agreement, Custodial Account Adoption Agreement
No Prohibited Transactions. If your account stops being a SIMPLE IRA because you or your beneficiary engaged in a prohibited transaction, the account is treated as distributing all its assets to you at their fair market values on the first day of the year. If the total of those values is more than your basis in the SIMPLE Publication 590-B, Distributions from Individual Retirement Arrangements IRA, you will have a taxable gain that is includible in your income.
Appears in 3 contracts
Samples: Customer Agreement, Customer Agreement, Customer Agreement
No Prohibited Transactions. If your account stops being a SIMPLE an IRA because you or your beneficiary engaged in a prohibited transaction, the account is treated as distributing all its assets to you at their fair market values on the first day of the year. If the total of those values is more than your basis in the SIMPLE IRA, you will have a taxable gain that is includible in your income.
Appears in 2 contracts
Samples: Customer Agreement, weitzinvestments.com
No Prohibited Transactions. If your this account stops being a SIMPLE IRA because you or your beneficiary engaged in a prohibited transaction, the this account is treated as distributing all its assets to you at their its fair market values value on the first day of the year. If the total of those values value is more than your basis in the SIMPLE IRA, you will have a taxable gain that is includible in your income.
Appears in 1 contract
Samples: Custodial Account Adoption Agreement
