The legality of the Checkbook IRA structure has not come under question since the IRS conceded that investing IRA funds in a wholly owned entity is not a prohibited transaction in the U.S. Tax Court case Swanson V. Commissioner 106 T.C. 76 (1996)
Miami, FL (PRWEB) August 19, 2012
IRA Financial Group, the leading facilitator of “checkbook control” IRA LLC solutions announces the launch of http://www.checkbookIRAfacts.com - a website providing detailed information on the legal foundation behind the self-directed IRA LLC “checkbook control” solution.
“Over the last several months, several full service custodians have been trying to convince potential clients that the checkbook control IRA LLC could potentially come under attack,“ stated Adam Bergman, a tax attorney with the IRA Financial Group. “The purpose of the http://www.checkbookIRAfacts.com website is to provide the general public with the law and the facts behind the Tax Court and IRS position that a checkbook control IRA is not a prohibited transaction,“ stated Mr. Bergman.
The self directed IRA “checkbook control” LLC solution involves the establishment of a limited liability company (“LLC”) that is owned by the IRA (care of the IRA custodian) and managed by the IRA holder or any third-party. As manager of the IRA LLC, the IRA holder will have control over the IRA assets to make real estate and other investments tax-free and without custodian consent. The legality of the Checkbook IRA structure has not come under question since the IRS conceded that investing IRA funds in a wholly owned entity is not a prohibited transaction in the U.S. Tax Court case Swanson V. Commissioner 106 T.C. 76 (1996).
The information provided in the free downloadable information kit is intended to provide a detailed overview of the legal foundation and basis for the IRS reaching the conclusion that the “checkbook control” IRA solution is a legal structure and not a prohibited transaction. “Our hope is that as one understands the case law and the IRS’s position on this “checkbook control” IRA solution, he or she will be better equipped to look through any misinformation being presented on the legality of the “checkbook control” IRA solution,“ stated Mr. Bergman.
The IRA Financial Group was founded by a group of top law firm tax and ERISA lawyers who have worked at some of the largest law firms in the United States, such as White & Case LLP and Dewey & LeBoeuf LLP.
IRA Financial Group is the market’s leading “Checkbook Control” Self Directed IRA and Solo 401k Plan Facilitator. We have helped thousands of clients take back control over their retirement funds while gaining the ability to invest in almost any type of investment, including real estate tax-free and without custodian consent!
To learn more about the IRA Financial Group please visit our website at http://www.irafinancialgroup.com or call 800-472-0646.