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I have a few units of a cable TV limited partnership in an IRA which has finished all distributions but is keeping open due to a pending law suit. My IRA custodian is charging $50/yr for keeping this in my IRA. So, I am paying $50/yr for something worth nothing. The IRA custodian's only suggestion was that I take a distribution of this LP from my IRA. They "believe" there will be no IRS penalties or taxes due for this early withdrawal because it's value is zero. (I'm 58, not retired.) Another broker thought that I WOULD be liable for penalties based on the original purchase price. Does anyone know the real answer? Roy?
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