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Section 497510, enacted by section 2003(a) of ERISA ‘74,
imposes taxes on a disqualified person who participates in a
10 Sec. 4975 provides, in pertinent part, as follows:
SEC. 4975. TAX ON PROHIBITED TRANSACTIONS.
* * * * * * *
(c) Prohibited Transaction.--
(1) General rule.--For purposes of this
section, the term “prohibited transaction”
means any direct or indirect--
(A) sale or exchange, or leasing,
of any property between a plan and a
disqualified person;
(B) lending of money or other
extension of credit between a plan
and a disqualified person;
(C) furnishing of goods, services,
or facilities between a plan and a
disqualified person;
(D) transfer to, or use by or for
the benefit of, a disqualified person of
the income or assets of a plan;
(E) act by a disqualified person who
is a fiduciary whereby he deals with the
income or assets of a plan in his own
interest or for his own account; or
(F) receipt of any consideration for
his own personal account by any disqualified
person who is a fiduciary from any party
dealing with the plan in connection with a
transaction involving the income or assets of the
plan.
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