The estate of the late actor, James Caan, who appeared in The Godfather and many other films and television shows, lost a recent Tax Court case that has lessons for other taxpayers.
The case involved two of Caan’s IRAs. The IRAs owned interests in a hedge fund. The tax code allows IRAs to own non-publicly traded assets, such as hedge funds. But many IRA custodians don’t allow these assets in the IRAs they oversee. Caan had a true self-directed IRA; its custodian allowed ownership of such assets.
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