IRA Loan To Church OK? | Ed Slott and Company, LLC

IRA Loan To Church OK?

The Internal Revenue Service has issued a private letter ruling, PLR 200741016, holding that a proposed loan from an individual retirement arrangement (IRA) to a tax-exempt church to enable the church to purchase and carry life insurance is neither a prohibited transaction nor a prohibited investment in life insurance. Therefore, the IRA will continue to be an IRA under section 408 of the Internal Revenue Code.

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