Income Taxes and Record Keeping ( tax ) Message Board

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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )

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To: Mitch Aunger who wrote (441)	1/13/1998 8:09:00 PM
From: Colin Cody	Read Replies (1) of 5810

Mitch, Thanks for the kind words, . Well, as you mentioned in either case you'd need to pull them out at CURRENT market value and pay the TAX. They need to be VALUED, and the IRA administrator "MUST" value all assets within your IRA account at least ANNUALLY. . Didn't you get a valuation last year as of December 31, 1996? . You can ASK the IRA admonistrator, who in turn will likely need to look to the Company or their UNDERWRITER for a valuation. OR you can go directly to the underwriter and get a valuation yourself. . The taxable vaule will be that as of the date of the transfer OUT of the IRA. So even if you get the required 12/31/97 valuation, you and the IRA administrator need to get the value updated. . I am not sure what the Administrator's duties are when the value is hard to come by. . Perhaps your FIRSTtelephone call should be to the IRA administrator to discuss it, they should be the experts on this issue. . Colin

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