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Code · BILL · 117th Congress · H.R. 2954 (Introduced in House) — To increase retirement savings, simplify and clarify retirement plan rules, and for other purposes. · Sec. 321

Sec. 321. Limiting cessation of IRA treatment to portion of account involved in a prohibited transaction

190 words·~1 min read·/bill/117/hr/2954/ih/section-321·

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IRA treatment to portion of account involved in a prohibited transaction Section 408(e)(2)(A) of the Internal Revenue Code of 1986 is amended by striking such account ceases to be an individual retirement account and inserting the following: the portion of such account which is used in such transaction shall be treated as distributed to the individual . Section 408(e)(2)(B) of such Code is amended— by striking and all that follows through all its assets.— In any case by reason of subparagraph
(A)and inserting the following: , and portion of assets used in prohibited transaction.— In any case in which a portion of an individual retirement account is treated as distributed under subparagraph
(A)by striking all the assets in the account and inserting such portion . Section 4975(c)(3) of such Code is amended by striking the account ceases and all that follows and inserting the following: the portion of the account used in the transaction is treated as distributed under paragraph (2)(A) or
(4)of section 408(e). . The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.
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