Excess Benefit Transaction Excise Tax definition

Excess Benefit Transaction Excise Tax means any excise tax imposed by the Internal Revenue Service on an Insured Person who is an Organization Manager as a result of such Insured Person’s participation in an Excess Benefit Transaction.
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Excess Benefit Transaction Excise Tax means any excise tax imposed by the IRS, pursuant to Section 4958(a)(2) of the Internal Revenue Code (the “Code”), on an Insured Person who is an “organization manager” as a result of such Insured Person’s participation in an “excess benefit transaction”, but not including the 25% excise tax assessed against any “disqualified person” or the 200% tax assessed for failure to correct an “excise benefit transaction”, as set forth in Section 4958 of the Code.
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Excess Benefit Transaction Excise Tax means any tax imposed by Section 4958 of the Internal Revenue Code of 1986 on an organization manager for participation in an excess benefit transaction.
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Examples of Excess Benefit Transaction Excise Tax in a sentence

  • Excess Benefit Transaction Excise Tax means any excise tax imposed by the Internal Revenue Service, pursuant to Section 4958(a)(2) of the Internal Revenue Code, 26 U.S.C. § 4958(a)(2), on an Insured Person who is an Organization Manager as a result of such Insured Person’s participation in an Excess Benefit Transaction.

  • Excess Benefit Transaction Excise Tax Sublimit:The Underwriter’s maximum limit of liability for all Excess Benefit Transaction Excise Taxes resulting from all Claims shall be the amount stated in ITEM 4 of the Declarations as the Excess Benefit Transaction Excise Tax Sublimit, which amount shall be part of, and not in addition to, the Policy Aggregate Limit of Liability and anySeparate Limit of Liability or Shared Limit of Liability applicable to this Coverage Section.

  • Excess Benefit Transaction Excise Tax means any excise tax imposed by the Internal Revenue Service on an Insured Person who is an Organization Manager as a result of such Insured Person’s participation in an Excess Benefit Transaction.

  • A two hundred percent (200%) Excess Benefit Transaction Excise Tax assessed by the Internal Revenue Service against an Individual Insured as a Disqualified Person for failing to correct an Excess Benefit arising out of or resulting from an Excess Benefit Transaction.

  • Lossis amended to include the following: Loss will also include a penalty in the form of an Excess Benefit Transaction Excise Tax.

  • The Excess Benefit Transaction Excise Tax Limit stated in Item 2B of the Declarations of this Coverage Part represents the maximum amount payable under this Coverage Part during the Policy Period for all Excess Benefit Transaction Excise Tax, which amount shall be part of, and not in addition to, the Limit of Liability stated in Item 2A of such Declarations.

  • Skylights in these spaces are required to provide a total toplight toplit daylight zone area not less than half 50 percent of the floor area and shall provide one of the following:1.

  • Excess Benefit Transaction Excise Tax means any excise tax imposed by the Internal Revenue Service on an Insured Person as a result of the Insured Person's participation in an Excess Benefit Transaction.

  • Further, the Company will not be liable to make any payments exceeding $10,000 that an Insured Person is obligated to pay as a result of a Claim brought seeking coverage for an Excess Benefit Transaction Excise Tax.

  • Coverage under this endorsement will exist if and only if indemnification is provided by the Organization to any Insured Person for any Excess Benefit Transaction Excise Tax.


More Definitions of Excess Benefit Transaction Excise Tax

Excess Benefit Transaction Excise Tax means any excise tax imposed by the Internal Revenue Service, pursuant to 4958(a) (2) of the Internal Revenue Code, 26 U.S.C. §4958(a) (2), on an Insured Person who is an “organizational manager” as that term is defined by §4958(f) of the Internal Revenue Code, 26 U.S.C. §4958(f), as a result of such Insured Person’s participation in an Excess Benefit Transaction; provided Excess Benefit Transaction Excise Tax does not include the 25% excise tax assessed against a “disqualified person” as that term is defined by such §4958(f) or the 200% tax assessed for failure to correct such an Excess Benefit Transaction pursuant to such §4958.
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Excess Benefit Transaction Excise Tax means any excise tax imposed by the Internal Revenue Service on an Insured Person who is an “Organization Manager” as a result of such Insured Person’s participation in an “Excess Benefit Transaction”, but does not include any excise tax imposed upon a “Disqualified Person”, as those terms are defined in Section 4958 of the Internal Revenue Code.
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Excess Benefit Transaction Excise Tax means any excise tax imposed by the Internal Revenue Service, pursuant to Section 4958(a)(2) of the Internal Revenue Code, 26 U.S.C. § 4958(a)(2), on an "insured person" who is an "organization" "manager" as a result of such "insured person's" participation in an "excess benefit transaction".
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Excess Benefit Transaction Excise Tax means any excise tax imposed by the Internal Revenue Service, pursuant to 4958(a) (2) of the Internal Revenue Code, 26 U.S.C. §4958(a) (2), on an Insured Person who is an “organization manager” as that term is defined by §4958(f) of the Internal Revenue Code, 26 U.S.C.
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Related to Excess Benefit Transaction Excise Tax

  • Foreign Benefit Event means, with respect to any Foreign Pension Plan, (a) the existence of unfunded liabilities in excess of the amount permitted under any applicable Law or in excess of the amount that would be permitted absent a waiver from applicable Governmental Authority or (b) the failure to make the required contributions or payments, under any applicable Law, on or before the due date for such contributions or payments.

  • Parachute Payment Ratio means a fraction the numerator of which is the value of the applicable “parachute payment” for purposes of Section 280G of the Code and the denominator of which is the actual present value of such payment.

  • Transaction Payroll Taxes means the employer portion of any payroll or employment Taxes incurred or accrued with respect to any bonuses, option exercises, payments to employee stock option holders or other compensatory payments made in connection with the transactions contemplated by this Agreement.

  • Total Payments means those payments so described in Section 6.2 hereof.

  • Maximum Benefit Amount means the maximum amount payable for coverage provided to You as shown in the Schedule of Benefits.

  • Change in Control Payment shall have the meaning stated in Section 6.4 hereof.

  • Change in Control Payments means all change in control, transaction, retention and similar bonuses or payments, paid or payable by the Acquired Companies to any current or former directors, managers, officers, employees, or other Persons as a result of the Closing of the Transactions or the execution of this Agreement, including any deferred compensation, in each instance, plus the employer portion of any employment Taxes due in connection with any such payments, but excluding, for the avoidance of doubt, severance payments relating to a termination of employment following the Closing.

  • Maximum Potential Additional Dividend Liability, as of any Valuation Date, means the aggregate amount of Additional Dividends that would be due if the Corporation were to make Retroactive Taxable Allocations, with respect to any fiscal year, estimated based upon dividends paid and the amount of undistributed realized net capital gains and other taxable income earned by the Corporation, as of the end of the calendar month immediately preceding such Valuation Date and assuming such Additional Dividends are fully taxable.

  • Company Contribution Amount means, for any one Plan Year, the amount determined in accordance with Section 3.5.

  • Tax Benefit Payment is defined in Section 3.1(b) of this Agreement.

  • Excise Tax means the excise tax imposed by Section 4999 of the Code, together with any interest or penalties imposed with respect to such excise tax.

  • Benefit Amount shall have the meaning set forth in Section 20.12 hereof.

  • Defined Contribution Fraction means a fraction the numerator of which is the sum of the Annual Additions to the Participant's account under all the defined contribution plans (whether or not terminated) maintained by the Employer for the current and all prior Limitation years (including the Annual Additions attributable to the Participant's nondeductible voluntary contributions to this and all the defined benefit plans (whether or not terminated) maintained by the Employer and the Annual Additions attributable to all welfare benefit funds, as defined in section 419(e) of the Code or individual medical accounts, as defined in section 415(1)(2) of the Code, or a simplified employee pension, as defined in section 408(k) of the Code, maintained by the Employer), and the denominator of which is the sum of the Maximum Aggregate Amounts for the current and all prior Limitation Years of Service with the Employer (regardless of whether a defined contribution plan was maintained by the Employer). The Maximum Aggregate Amount in any Limitation Year is the lesser of one hundred twenty-five percent (125%) of the dollar limitation determined under Sections 415(b) and (d) of the Code in effect under section 415(c)(1)(A) of the Code or thirty-five percent (35%) of the Participant's Compensation for such year. If the Employee was a Participant as of the first day of the first Limitation Year beginning after December 31, 1986, in one or more defined contribution plans maintained by the Employer which were in existence on May 6, 1986, the numerator of this fraction will be adjusted if the sum of this fraction and the Defined Benefit Fraction would otherwise exceed one (1.0) times under the terms of this Plan. Under the adjustment, an amount equal to the product of (a) the excess of the sum of the fractions over 1.0 times (b) the denominator of this fraction will be permanently subtracted from the numerator of this fraction. The adjustment is calculated using the fractions as they would be computed as of the end of the last Limitation Year beginning before January 1, 1987, and disregarding any changes in the terms and condition of the Plans made after May 5, 1986, but using the limitation of section 415 of the Code applicable to the first Limitation Year beginning on or after January 1, 1987. The Annual Additions for any Limitation Year beginning before January 1, 1987 shall not be recomputed to treat all Employee contributions as Annual Additions.

  • Defined Contribution Dollar Limitation means, for any Limitation Year, $46,000, as adjusted for increases in the cost-of-living under Code section 415(d). If a short Limitation Year is created because of a Plan amendment changing the Limitation Year to a different 12-consecutive month period, the Defined Contribution Dollar Limitation for the short Limitation Year will not exceed the amount determined in the preceding sentence multiplied by a fraction, the numerator of which is the number of months in the short Limitation Year and the denominator of which is 12.

  • Defined Benefit Fraction means a fraction, the numerator of which is the sum of the Member's Projected Annual Benefits under all qualified defined benefit plans (whether or not terminated) maintained by the Employer, and the denominator of which is the lesser of (i) one hundred twenty-five percent (125%) of the dollar limitation determined for the Limitation Year under sections 415(b)(1)(A) and (d) of the Code and (ii) one hundred forty percent (140%) of the Highest Average Compensation, including any adjustments under section 415(b)(5) of the Code, both in accordance with subsection 3.30.020(e)(10) below. Notwithstanding the above, if the Member was a Member as of the first day of the first Limitation Year beginning after December 31,1986 in one (1) or more qualified defined benefit plans maintained by the Employer which were in existence on May 6, 1986, the denominator of this fraction shall not be less than one hundred twenty-five percent (125%) of the sum of the Annual Benefits under such plans which the Member had accrued as of the close of the last Limitation Year beginning before January 1, 1987, disregarding any changes in the terms and conditions of the plans after May 5, 1986. The preceding sentence applies only if the qualified defined benefit plans individually and in the aggregate satisfied the requirements of Code section 415 for all Limitation Years beginning before January 1, 1987.

  • Section 409A Payment Date means the earlier of (a) the date of Executive’s death or (b) the date that is six months after the date of termination of Executive’s employment with the Company.

  • Fair Share Contribution Amount means, with respect to a Contributing Guarantor as of any date of determination, the maximum aggregate amount of the obligations of such Contributing Guarantor under this Guaranty that would not render its obligations hereunder or thereunder subject to avoidance as a fraudulent transfer or conveyance under Section 548 of Title 11 of the United States Code or any comparable applicable provisions of state law; provided, solely for purposes of calculating the “Fair Share Contribution Amount” with respect to any Contributing Guarantor for purposes of this Section 7.2, any assets or liabilities of such Contributing Guarantor arising by virtue of any rights to subrogation, reimbursement or indemnification or any rights to or obligations of contribution hereunder shall not be considered as assets or liabilities of such Contributing Guarantor. “Aggregate Payments” means, with respect to a Contributing Guarantor as of any date of determination, an amount equal to (1) the aggregate amount of all payments and distributions made on or before such date by such Contributing Guarantor in respect of this Guaranty (including in respect of this Section 7.2), minus (2) the aggregate amount of all payments received on or before such date by such Contributing Guarantor from the other Contributing Guarantors as contributions under this Section 7.2. The amounts payable as contributions hereunder shall be determined as of the date on which the related payment or distribution is made by the applicable Funding Guarantor. The allocation among Contributing Guarantors of their obligations as set forth in this Section 7.2 shall not be construed in any way to limit the liability of any Contributing Guarantor hereunder. Each Guarantor is a third party beneficiary to the contribution agreement set forth in this Section 7.2.

  • True-Up Amount means the difference between the ABO calculated by using the member’s actual creditable service and the actual final average compensation as of the member’s effective date in the FRS Investment Plan and the ABO initially transferred.

  • Non-U.S. Benefit Plan has the meaning set forth in Section 3.20(a).

  • Change in Control Benefit means the benefit described in Section 2.4.

  • parachute payments shall have the meanings assigned to them in Code Section 280G and such “parachute payments” shall be valued as provided therein; (ii) present value shall be calculated in accordance with Code Section 280G(d)(4); (iii) the term “Base Amount” means an amount equal to the Executive’s “annualized includible compensation for the base period” as defined in Code Section 280G(d)(1); (iv) for purposes of the determination by the Consulting Firm, the value of any non-cash benefits or any deferred payment or benefit shall be determined in accordance with the principles of Code Sections 280G(d)(3) and (4); and (v) the Executive shall be deemed to pay federal income tax and employment taxes at the Executive’s actual marginal rate of federal income and employment taxation, and state and local income taxes at the Executive’s actual marginal rate of taxation in the state or locality of the Executive’s domicile (determined in both cases in the calendar year in which the termination of employment or notice described in Section 5(b) above is given, whichever is earlier), net of the maximum reduction in federal income taxes that may be obtained from the deduction of such state and local taxes. The covenants set forth in Sections 6 and 7 of this Agreement have substantial value to the Company and a portion of any Total Payments made to the Executive are in consideration of such covenants. For purposes of calculating the “excess parachute payment” and the “parachute payments”, the Parties intend that an amount equal to not less than the Executive’s highest annual base salary during the 12-month period immediately prior to the Executive’s termination of employment shall be in consideration of the covenants in Sections 6 and 7 below. The Consulting Firm shall consider all relevant factors in appraising the fair value of such covenants and in determining the amount of the Total Payments that shall not be considered to be a “parachute payment” or “excess parachute payment”. The determination of the Consulting Firm shall be addressed to the Company and the Executive and such determination shall be binding upon the Company and the Executive.

  • Recovered tax increment value means, except as otherwise

  • AHYDO Catch-Up Payment means any payment on any Indebtedness that would be necessary to avoid such Indebtedness being characterized as an “applicable high yield discount obligation” under Section 163(i) of the Code.

  • Excess Parachute Payment means a payment described in Section 280G(b)(1) of the Code.

  • Severance Amount means:

  • Parent Benefit Plan means any Employee Benefit Plan maintained by, sponsored by or contributed to by, or obligated to be contributed to by any Parent Group Entity.