Unfortunately, the distribution cannot be rolled back into the IRA because the 60-day rollover period has passed; it is a taxable distribution. The rollover deadline can be waived for certain situations that are beyond a taxpayer’s control that prevented completion of an intended rollover, such as a serious illness, a mistake by the financial institution, or a casualty event. However, because the funds were used as a loan, the IRS won’t grant an extension (see, for example, Letter Ruling 200446030).
An exchange of similar assets used in a business or held for investment on which gain may be deferred.