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Who is the IRA going to purchase the 20% of the company from?
You?
Parents?
Wife?

If so, that'll be a problem.

Who's going to work for the company? Manage it?
Since it's small enough that 20% can be owned by your IRA, and 20% by your wifes IRA - I'm guessing it's a family business, so probably the answer will be one or more of the above - which will be a problem.

I'm hoping you're just looking for a general feedback on whether this is possible, and you're going to consult a tax expert (and lawyer) if you do go forward. Because the advice is usually good on this board, but *I* wouldn't rely on it for something like this.
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