Common use of Prohibited Transactions Clause in Contracts

Prohibited Transactions. If you (or your beneficiary(ies) when you die) engage in a "prohibited transaction" with your IRA, the entire IRA will be disqualified and treated as a distribution. If you are under age 59½, the 10% premature distribution penalty tax may apply. Prohibited transactions are defined in Code section 4975. Examples include borrowing money from the IRA, selling property to the IRA, receiving unreasonable compensation for managing the IRA, or buying property with IRA funds for your personal use.

Prohibited Transactions. If you (or your beneficiary(ies) when you die) engage in a "prohibited transaction" transaction with your IRA, the entire IRA will be disqualified and treated as a distribution. If you are under the age of 59½, the 10% premature early distribution penalty tax may apply. Prohibited transactions are defined in Code section 4975. Examples include borrowing money from the IRA, selling property to the IRA, receiving unreasonable compensation for managing the IRA, or buying property with IRA funds for your personal use.

Prohibited Transactions. If you (or or, following your beneficiary(ies) when you diedeath, Beneficiaries) engage in a "“prohibited transaction" ” with your IRA, the entire IRA will be disqualified and the entire balance in your IRA will be treated as a distribution. If you are under age 59½, the 10% premature early distribution penalty tax may apply. Prohibited transactions are defined in Internal Revenue Code section 4975. Examples include borrowing money from the IRA, selling property to the IRA, receiving unreasonable compensation for managing the IRA, or buying property with IRA funds for your personal use.

Prohibited Transactions. If you (or your beneficiary(ies) when you die) engage in a "prohibited transaction" transaction with your SIMPLE IRA, the entire SIMPLE IRA will be disqualified and treated as a distribution. If you are under the age of 59½, the 10% premature early distribution penalty tax may apply. Prohibited transactions are defined in Code section 4975. Examples include borrowing money from the SIMPLE IRA, selling property to the SIMPLE IRA, receiving unreasonable compensation for managing the SIMPLE IRA, or buying property with SIMPLE IRA funds for your personal use.

Prohibited Transactions. If you (or your beneficiary(ies) when you die) engage in a "prohibited transaction" with your IRA, the entire IRA will be disqualified and treated as a distribution. If you are under the age of 59½, the 10% premature distribution penalty tax may apply. Prohibited transactions are defined in Code section 4975. Examples include borrowing money from the IRA, selling property to the IRA, receiving unreasonable compensation for managing the IRA, or buying property with IRA funds for your personal use.

Prohibited Transactions. If you (or or, following your beneficiary(ies) when you diedeath, Beneficiaries) engage in a "“prohibited transaction" ” with your SIMPLE IRA, the entire IRA will be disqualified and the entire balance in your IRA will be treated as a distribution. If you are under age 59½, the 10% premature early distribution penalty tax may apply. Prohibited transactions are defined in Internal Revenue Code section 4975. Examples include borrowing money from the IRA, selling property to the IRA, receiving unreasonable compensation for managing the IRA, or buying property with IRA funds for your personal use.

Prohibited Transactions. If you (or or, following your beneficiary(ies) when you diedeath, Beneficiaries) engage in a "“prohibited transaction" ” with your IRA, the entire IRA will be disqualified and the entire balance in your IRA will be treated as a distribution. If you are under age 59½5e½, the 10% premature early distribution penalty tax may apply. Prohibited transactions are defined in Internal Revenue Code section 49754e75. Examples include borrowing money from the IRA, selling property to the IRA, receiving unreasonable compensation for managing the IRA, or buying property with IRA funds for your personal use.

Prohibited Transactions. If you (or your beneficiary(ies) when you die) engage in a "“prohibited transaction" ” with your IRA, the entire IRA will be disqualified and treated as a distribution. If you are under age 59½, the 10% premature distribution penalty tax may apply. Prohibited transactions are defined in Code section 4975. Examples include borrowing money from the IRA, selling property to the IRA, receiving unreasonable compensation for managing the IRA, or buying property with IRA funds for your personal use.