Questies Fight Against Alzheimer’s Disease

Questies Fight Against Alzheimer’s Disease

Last year, The Quest Team donated over $10,000 to the Alzheimer’s Association of Houston. We also participated in the world’s largest event to raise awareness and funds for Alzheimer’s care, support, and research; The Walk to End Alzheimer’s.

This walk is used as a valuable tool, fueling the growing awareness of Alzheimer’s and making further progress to ending the disease once and for all. At the walk, you are able to represent the team that you wish, and meet with other people who have or have been affected by Alzheimer’s. Once there, you can meet and hear peoples’ touching stories on how their lives have been affected.

The cause holds a special place in our hearts, as some of our own Questies have been affected by the disease. This illness has affected 35 million people around the world, so it essential that we find a cure.  To help in the fight against Alzheimer’s, Quest IRA donates 10% of the profits from the Survival Kits to the Alzheimer’s Association of Houston.

This year, the Quest Team is back to show even more support for the 2016 Walk to End Alzheimer’s disease!  Our Questies will be participating in the walk, as well as making another sizable donation! We have organized a team open to employees, family members, and clients! Do you want to join us and help raise awareness for the end to Alzheimer’s disease? Here’s how!

  1. Go to the link: http://act.alz.org/site/PageServer?pagename=walk_teams_corp
  2. Type “Quest IRA” in the Find a Team search box
  3. Click on “Quest IRA, Inc.” team name
  4. You will be redirected to the Quest IRA team page. Click “Join Our Team” on the left side of the page
  5. You will be prompted to select an optional donation amount and provide your contact information

Unite in a movement to reclaim the future for millions.


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PRESS RELEASE

NEWS RELEASE

Houston, July 9, 2015

COURT CASE REVEALS PROHIBITED TRANSACTION REGARDING THE PAYMENT OF WAGES FROM IRAS

The Future of Checkbook Control IRAs May Be in Question

Checkbook Control IRAs suffer another blow after a recent court case deemed the Terry Ellis IRA distributable, with extensive taxation and penalties.  The ruling was due to a prohibited transaction that occurred within the IRA, relating to the payment of wages.

In 2005, Terry Ellis directed his IRA, referred to as the Terry Ellis IRA, to purchase 98% of CST, an LLC designed for the business of selling used cars.  The remaining 2% of the company was owned by a non-related party, in the case Ellis v. Commissioner.  Terry Ellis served as the managing member of the CST LLC, and had some oversight in the operations of the business, relating to the sale of the company’s used cars.  In the same year, Terry Ellis paid himself $9,754 in compensation, directly from the CST company checking account.

Based on of Internal Revenue Code Section 4975(c)(1)(D)(E), Terry Ellis was involved in a prohibited transaction.  Terry Ellis served as the fiduciary of his IRA, making him a disqualified person, and unable to receive compensation.  Terry Ellis directed the CST LLC to pay him compensation, which was indirectly drawn from the Terry Ellis IRA, which funded CST LLC, ultimately benefitting the owner of the IRA, Terry Ellis.

Terry Ellis served as the managing member of the CST LLC, receiving compensation and taking an active role within the company.  Terry Ellis acted as the fiduciary to his IRA, and as such, was a disqualified person, making it prohibited that he would serve as the managing member of CST.  According to IRC Sec. 4975e(2)(G), a “disqualified person” includes an LLC, in which 50% or more of the interest or profits is either directly or indirectly owned by a fiduciary.  Both Terry Ellis and CST LLC were deemed disqualified persons, and consequently engaged in a prohibited transaction.

The Tax Court deemed the Terry Ellis IRA fully distributed as of January 1, 2005, with the full amount becoming part of Terry Ellis’ gross income in 2005, with an additional tax of 10%, based on the age of Terry Ellis.

The future of Checkbook Control IRA owned LLCs may be in question, with the ruling of this case.  Using a Checkbook Control IRA provides the ability to be the 100% owner of a company, such as CST LLC.  Changes in the industry are certain with rulings such as  in the case Ellis v. Commissioner.

About Quest IRA

Quest IRA administers Self-Directed IRAs that allow for investments in private assets, including real estate, promissory notes, private entities, precious metals and much more.  Committed to educating clients and providing a vehicle to invest in alternative assets, Quest IRA is one of the fastest growing companies in the industry.  For more information, please contact 1-855-FUN-IRAS.