http://www.thestreet.com/funds/iras/10387561.html

Hi,
The above article (dated 2007) mentions that if a broker or investment adviser manages a relative’s IRA for compensation, this arrangement is a prohibited transaction which can result in the entire IRA balance becoming taxable. The article states that this is a tax code glitch that is largely unenforced. The article also mentions Ed Slott’s name.

I am wondering if this article was accurate, and if this situation still exists or if it has been corrected.

It doesn’t seem proper to not allow an investment advisor to manage a relative’s IRA for a fee just like they do for all of their other clients.

I’d appreciate any comments you might have. Thanks.