You are here
A couple stored IRA gold at home and now owe IRS more than $300,000
By Laura Saunders
The Wall Street Journal
Friday, December 3, 2021
It's official: Owners of individual retirement accounts with assets invested in gold and silver coins can't store them in a safe at their home.
So ruled the judge in a recent tax court case, Andrew McNulty et al. v. Commissioner. The decision will cost McNulty and his wife, Donna, dearly -- taxes of nearly $270,000 on about $730,000 of IRA assets, plus penalties likely to exceed $50,000.
... Dispatch continues below ...
... ADVERTISEMENT ...
Good Mining Exploration Resumes Search
for Gold at Golden Target Project in Ontario
Company Announcement
Wednesday, July 28, 2021
Good Mining Exploration Inc., a private, junior mining exploration company, has restarted its exploration efforts for economic gold deposits in its Golden Target Project. The GT is within the Timmins gold camp just south of Matheson, Ontario, on the Arrow fault, close to the prolific Destor Porcupine Fault zone.
Good Mining Exploration continues to hold 100 percent of the mining rights associated with the GT, a contiguous land package of 726 claim cells covering approximately 13,676 hectares.
(This announcement was approved by Joel Scodnick, PGeo., an independent consultant to Good Mining Exploration, in his capacity as a qualified person as defined by National Instrument 43-101.)
... For more detailed information, please visit:
https://www.goodmining.com/contact-us
The ruling disallows a scheme that was heavily promoted several years ago, when radio and internet ads touted the benefits of using IRA assets to buy gold and silver coins and then store them at home or in a safe-deposit box.
Promoters based pitches on a perceived ambiguity in the law, despite warnings from the Internal Revenue Service and legal specialists. ...
... For the remainder of the report:
* * *
Toast to a free gold market
with great GATA-label wine
Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.
Here's what the bottles look like:
http://www.gata.org/files/GATA-4-wine-bottles.jpg
Buyers can compose their case by choosing as many as four varietals from the list here:
http://www.gata.org/files/FayJWineryVarietals.jpg
GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?
To order a case of GATA-label wine, please e-mail Fay J Winery at: bagman1236@aol.com
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
