RMD calculation when asset in IRA is in bankruptcy court and has no liquidity

USA Discussion in 'General Accountancy Discussion' started by phil4811, Dec 11, 2018.

  1. phil4811

    phil4811

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    Custodian for IRA will not accept a FMV for a note that is in Bankruptcy court as a result of a Ponzi scheme. The note has no liquidity at this time but may be worth 50-60% at some time in the future once the asset for the note are sold and distributed to the noteholder. There is no way any withdrawal came be made in order to take the RMD and pay the appropriate tax. What can be done for the client?
     
    phil4811, Dec 11, 2018
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  2. phil4811

    kirby VIP Member

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    You have a legal problem. This is an accounting forum.
     
    kirby, Dec 11, 2018
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