Controlled Group?
Client is a 25% owner in a C corp with a SIMPLE IRA plan. The other owners are her siblings. She has a side business where she wants to establish a SEP. Any clue as to the code section, etc. I can use to determine if these two businesses are considered a controlled group, which would preclude her from establishing the SEP?
Permalink Submitted by Denise Appleby on Wed, 2007-09-26 20:40
Treas. Reg. §1.1563-3(b),
Treas. Reg. §1.414(c)-4(b)
Code § 1563
Code § 414
Parents, children, grandchildren, and grandparents are usually considered for purposes of attribution to ownership…not siblings