If an Individual (Or Spouse)is an Active Participant in an Employer-Sponsored

question 65

True/False

If an individual (or spouse)is an active participant in an employer-sponsored retirement plan,he or she cannot make a deductible IRA contribution.

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Definitions:

Stock in Corporation

Shares representing ownership in a corporation, entitling the holder to dividends and certain rights under the corporation's governance.

Bailment

A legal relationship where one party temporarily transfers possession of property to another, under the agreement that the property will be returned.

Operates

To run or control the functioning of a system, machine, process, or organization.

Subject to Bailment

Refers to property that has been transferred into the temporary custody of another party who must return it or dispose of it as agreed.