Question: The IRS caught the plan trustee for Hopper Manufacturing violating the prohibited transaction rules. Hopper Manufacturing Question 4 options: a) must pay an initial penalty
The IRS caught the plan trustee for Hopper Manufacturing violating the prohibited transaction rules. Hopper Manufacturing Question 4 options: a) must pay an initial penalty equal to 5% of the amount involved b) must pay a 100% penalty if the transaction is not corrected within time limits set by the IRS c) may face penalties for breach of fiduciary responsibility d) all of the above e) only a and b
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