Assertion: plan's asset | /r/HasProperty | distributed on first day of the taxable year
Facets:
Source sentences:
text: However, in this case, with an individual retirement account, instead of imposing an excise tax on the parties to the transaction, the Code provides that the account is no longer an individual retirement account, and it is treated as if the assets were distributed on the first day of the taxable year in which the prohibited transaction occurred.