Global Crossing - GX (formerly GBLX) Message Board

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Technology Stocks : Global Crossing - GX (formerly GBLX)

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To: Bruce Jordan who wrote (4020)	1/17/2000 2:16:00 PM
From: KFE	Read Replies (1) of 15615

Bruce, Be very careful about doing "probibited" transactions in an IRA. The penalties are severe ... your IRA is terminated. You cannot borrow from an IRA, you cannot pledge securities in an IRA. Buying options, covered call writing, selling puts versus cash in account are permitted. Some firms advertise allowing spreads but if you get caught in a short assignment you may run into problems. Remember that you are responsible for knowing the tax consequences of your actions and will not be able to use the defense of "my firm let me do it" with the IRS. You don't have to believe me and shouldn't trust my opinion without knowing me so here is the link to the IRS statute on IRA's. fourmilab.ch You won't find real estate specifically prohibited but in practice it is just about impossible to make it qualify. You would have to find a bank willing to act as custodian and there many more issues that make it impractical. If you really want to invest in real estate buy a REIT in the IRA. I intended to visit this thread to learn more about GBLX. Regards, Ken

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