Tax Law Center: Top Cases Library: Tax Law - Top Cases: Taproot Admin. Servs. v. Comm'r, 2009 U.S. Tax Ct. LEXIS 29 (T.C. Sept. 29, 2009)

Tax Law - Top Cases

10/5/2009 2:32:45 PM EST

Taproot Admin. Servs. v. Comm'r, 2009 U.S. Tax Ct. LEXIS 29 (T.C. Sept. 29, 2009)

Posted by LexisNexis Tax Law Center Staff

An Individual Retirement Account (IRA) is not authorized to hold S Corporation stock. IRAs are not included in the listing of qualified S Corporation owners enunciated in IRC Section 1361. An IRA cannot qualify as a custodial account or grantor trust in determining its eligibility as an S Corporation shareholder. Nor did Congress intend to authorize IRA ownership of S Corporation stock in the absence of explicit statutory direction.

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