k man
Nov 21 2000, 03:06 PM
Is it a prohibited transaction for the sole shareholder of a professional association (law firm)to loan money to the P.A. so that the P.A. can make the annual contribution to the firm's defined benefit plan?
b2kates
Nov 21 2000, 04:06 PM
No PT, a PT is defined specifically as transaction between the Plan and a party in interest. The loan is between the plan sponsor and its owner- not related to the plan. I see that this is no different