Sec. 322. Tax treatment of IRA involved in a prohibited transaction
125 words·~1 min read·
/bill/117/hr/2617/unknown/section-322·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 408(e)(2)(A) is amended by striking and at the end of clause (i), by striking the period at the end of clause
(ii)and inserting , and , and by adding at the end the following new clause: each individual retirement plan of the individual shall be treated as a separate contract. . The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act. Nothing in the amendments made by this section shall be construed to infer the proper treatment under the Internal Revenue Code of 1986 of individual retirement plans as 1 contract in the case of any other provision of such Code to which the amendments made by this section do not apply.