An interior income provider (IRS) Chief Counsel Advice memo issued to aid counsel in another of the agency’s offices that are regional
The memo, dated August 30, provides two illustrations to show how missed installments might be made without penalty. One utilizes a later on, bigger re re re payment plus the other employs an alternative loan. Both circumstances happen in the hypothetical plan’s stated loan remedy duration.
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Two Examples Offered
Both examples derive from the important points that: (1) the k that is 401( plan in question allows plan loans and permits for a remedy duration; and (2) that on January 1, 2018, the participant obtains an agenda loan that will not surpass the permitted limitation on such loans, is not a mortgage loan, includes a legitimately enforceable contract, and it is repayable in equal installments at the conclusion of every month for the contract, which can be amortized over 5 years. (mais…)