November 18, 2021 2021-2116 Taxpayer who directed her IRA to invest in American Eagle coins received taxable distributions equal to their cost, Tax Court holds In a T.C. Opinion, the Tax Court has held (Andrew McNulty, et ux. v. Commissioner, 157 T.C. No. 10, Dkt. No. 1377-19) that a taxpayer received taxable distributions from her self-directed individual retirement account (IRA) equal to the cost of American Eagle coins she had directed the IRA to purchase. The Court also found the taxpayer and her husband liable for substantial understatement penalties because they both directed their IRAs to invest in the coins. ——————————————— ATTACHMENT Andrew McNulty, et ux. v. Commissioner 
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