Pledging. If the responsible individual pledges any portion of the Xxxxxxxxx ESA as collateral for a loan, the amount so pledged will be treated as a distribution and may be included in the designated beneficiary’s gross income for that year to the extent that it represents earnings.
Appears in 19 contracts
Samples: Coverdell Education Savings Account Custodial Account Agreement, Coverdell Education Savings Account Custodial Agreement, Coverdell Education Savings Account Custodial Account Agreement
Pledging. If the responsible individual Responsible Individual pledges any portion of the Xxxxxxxxx ESA as collateral for a loan, the amount so pledged will be treated as a distribution and may be included in the designated beneficiaryDesignated Beneficiary’s gross income for that year to the extent that it represents earnings.
Appears in 7 contracts
Samples: Coverdell Education Savings Account Trust Agreement, Custodial Education Savings Account Agreement, Wealth Management Agreement
Pledging. If the responsible individual Responsible Individual pledges any portion of the Xxxxxxxxx ESA as collateral for a loan, the amount so pledged will be treated as a distribution and may be included in the designated beneficiaryDesignated Beneficiary’s gross income for that year to the extent that it is represents earnings.
Appears in 1 contract