Custodian for IRA will not accept a FMV for a note that is in Bankruptcy court as a result of a Ponzi scheme. The note has no liquidity at this time but may be worth 50-60% at some time in the future once the asset for the note are sold and distributed to the noteholder. There is no way any withdrawal came be made in order to take the RMD and pay the appropriate tax. What can be done for the client?
USA RMD calculation when asset in IRA is in bankruptcy court and has no liquidity
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