No Prohibited Transactions. If this account stops being a SIMPLE IRA because you or your beneficiary engaged in a prohibited transaction, this account is treated as distributing all its assets to you at its fair market value on the first day of the year. If the total value is more than your basis in the SIMPLE IRA, you will have a taxable gain that is includible in your income.
Appears in 13 contracts
Sources: Simple Ira Custodial Account Adoption Agreement, Simple Ira Custodial Account Adoption Agreement, Simple Ira Custodial Account Adoption Agreement
No Prohibited Transactions. If this your account stops being a SIMPLE IRA because you or your beneficiary engaged in a prohibited transaction, this the account is treated as distributing all its assets to you at its their fair market value values on the first day of the year. If the total value 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
Sources: Simple Ira Custodial Account Adoption Agreement, Customer Agreement, Customer Agreement
No Prohibited Transactions. If this your account stops being a SIMPLE IRA because you or your beneficiary engaged in a prohibited transaction, this the account is treated as distributing all its assets to you at its their fair market value values on the first day of the year. If the total value of those values is more than your basis in the SIMPLE IRA, you will have a taxable gain that is includible in your income.SIMPLE
Appears in 2 contracts
Sources: Customer Agreement, Customer Agreement
No Prohibited Transactions. If this your account stops being a SIMPLE an IRA because you or your beneficiary engaged in a prohibited transaction, this the account is treated as distributing all its assets to you at its their fair market value values on the first day of the year. If the total value 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
Sources: Customer Agreement, Traditional Individual Retirement Custodial Account