Limitation Year Compensation means the aggregate of all wages, salaries, and other amounts paid for personal services rendered which are received by an Employee from the Participating Companies and the Affiliated Companies within a Limitation Year, to the extent that such amounts are includible in gross income. Limitation Year Compensation shall not include deferred compensation, stock options and other distributions which receive special tax benefit. Limitation Year Compensation shall be calculated in accordance with the provisions of Section 415(c)(3) of the Internal Revenue Code and the regulations issued thereunder.
Limitation Year Compensation means the Member’s wages, salaries, fees for professional service and other amounts received for personal services actually rendered in the course of employment with the Participating Companies and Affiliated Companies during a Limitation Year including, but not limited to, commissions paid salesmen, compensation for services on the basis of a percentage of profits, and bonuses. For this purpose, effective January 1, 2008, Limitation Year Compensation shall also include the Compensation described in clauses (1)-(3) of Section 2.1(h). Limitation Year Compensation shall not include deferred compensation amounts (other than amounts received by a Member pursuant to an unfunded non-qualified plan in the year such amounts are includable in the gross income of the Member for federal income tax
Limitation Year Compensation means the Member’s wages, salaries, fees for professional service and other amounts received for personal services actually rendered in the course of employment with the Participating Companies and Affiliated Companies during a Limitation Year including, but not limited to, commissions paid salesmen, compensation for services on the basis of a percentage of profits, and bonuses. For this purpose, effective January 1, 2008, Limitation Year Compensation shall also include the Compensation described in clauses (1)-(3) of Section 2.1(h). Limitation Year Compensation shall not include deferred compensation amounts (other than amounts received by a Member pursuant to an unfunded non-qualified plan in the year such amounts are includable in the gross income of the Member for federal income tax purposes); amounts allocated to a Member’s Salary Reduction Contribution Account, provided, however, that such amounts shall be included as Limitation Year Compensation in Limitation Years beginning after December 31, 1997; allowances paid by reason of foreign assignment; amounts realized from the exercise of non-qualified stock options or when restricted stock (or property) held by a Member becomes freely transferable or is no longer subject to a substantial risk of forfeiture; amounts realized from the sale, exchange or other disposition of stock acquired under a qualified stock option; and other amounts which receive special tax benefits. Notwithstanding anything in the foregoing to the contrary, effective for Limitation Years beginning after December 31, 1997, elective deferrals pursuant to Code sections 125 or 457 shall be included as Limitation Year Compensation. Effective for Limitation Years beginning after December 31, 2000, elective deferrals pursuant to Code section 132(f)(4) shall also be included in Limitation Year Compensation. Effective for Limitation Years beginning on and after October 1, 1994, the applicable annual compensation limit becomes $150,000 and adjustments thereto shall only be made in increments of $10,000, rounded down to the next lowest multiple of $10,000, in such manner as determined by Code section 415(d) from time to time. Effective for Limitation Years beginning on and after January 1, 2002, the applicable annual compensation limit becomes $200,000 and adjustments thereto shall only be made in increments of $5,000 rounded down to the next lowest multiple of $5,000, in such manner as determined by Code section 415(d) from time to time.
Examples of Limitation Year Compensation in a sentence
Notwithstanding any other provision of the Plan, the sum of the Annual Additions (as hereinafter defined) to a Member’s Account and Salary Reduction Contribution Account for a Limitation Year (as defined in Section 6.4) ending after January 1, 1984 shall not exceed the lesser of: (i) $30,000 as adjusted under Section 415(d) of the Code, determined as of the applicable Limitation Year; or (ii) 25% of such Member’s Limitation Year Compensation (as defined in Section 6.4).
Effective for Limitation Years beginning after December 31, 2001, the sum of the said Annual Additions shall not exceed (except as otherwise allowed under Code section 414(v)) the lesser of: (i) $40,000 as adjusted under Section 415(d) of the Code, determined as of the applicable Limitation Year; or (ii) 100% of such Member’s Limitation Year Compensation (as defined in Section 7.4).
Notwithstanding the above definition, for a self-employed individual that participates in the Plan (if any), Limitation Year Compensation shall mean the net earnings from self-employment in the trade or business with respect to which the Plan is established, for which personal services of the individual are a material income-producing factor.
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Effective for Limitation Years beginning after December 31, 2001, the sum of the said Annual Additions shall not exceed (except as otherwise allowed under Code section 414(v)) the lesser of: (i) $40,000 as adjusted under Section 415(d) of the Code, determined as of the applicable Limitation Year; or (ii) 100% of such Member's Limitation Year Compensation (as defined in Section 7.4).
More Definitions of Limitation Year Compensation
Limitation Year Compensation means an Employee Participant’s total compensation for services rendered to an Employer during a Limitation Year, as reported in Box 10 on Form W-2 or other similar location on any successor federal wage statement as taxable for federal income tax purposes but determined without regard to any rules that limit the amount taken into account based on the nature or location of the employment or the services performed (such as the exception for agricultural labor in Code Section 3401(a)(2)). Compensation shall not include amounts paid or reimbursed by the Employer or Affiliated Company for moving expenses incurred by an Employee Participant, but only to the extent that at the time of the payment it is reasonable to believe that these amounts are deductible by the Employee Participant under Code Section 217.
Limitation Year Compensation means the Member’s wages, salaries, fees for professional services and other amounts received for personal services actually rendered in the course of employment with the Participating Companies and Affiliated Companies during a Limitation Year including, but not limited to, commissions paid salesmen, compensation for services on the basis of a percentage of profits and bonuses. Limitation Year Compensation shall not include deferred compensation amounts (other than amounts received by a Member pursuant to an unfunded non-qualified plan in the year such amounts are includable in the gross income of the Member for federal income tax purposes); allowances paid by reason of foreign assignment; amounts realized from the exercise of non-qualified stock options or when restricted stock (or property) held by a Member becomes freely transferable or is no longer subject to a substantial risk of forfeiture; amounts realized from the sale, exchange or other disposition of stock acquired under a qualified stock option; and other amounts which receive special tax benefits. Notwithstanding anything in the foregoing to the contrary, effective for Limitation
Limitation Year Compensation shall have the same meaning as set forth in Subsection 5.07(5) hereof, subject to the following: (i) the determination of “Limitation Year Compensation” shall include amounts deferred pursuant to Code Sections 125, 401(k), 408(k)(6), 403(b) and, for Limitation Years commencing on or after January 1, 2000, Code Section 132(f)(4) and (ii) Limitation Year Compensation shall include compensation paid by any employer required to be aggregated with an Employer under Code Section 414(b), (c), (m) or (o).
Limitation Year Compensation means a Participant's total compensation for services rendered to an Employer during a Plan Year, as reported on Form W-2 or other federal wage statement as taxable for federal income tax purposes, except that for only those Employees of ClubCorp International Resource Company who are nonresident aliens who receive no earned income (within the meaning of Code Section 911(d)(2)) which is U.S. source income (within the meaning of Code Section 861(a)(3), Limitation Year Compensation shall mean: (i) such Participant's wages, salaries, earned income (only if an employee within the meaning of Code Section 401(c)(1)) which includes foreign earned income (as defined in Code Section 911(b)) whether or not excludable from gross income under Code Section 911, foreign earned income (as defined in Code Section 911(b)) whether or not excludable from gross income under Code Section 911, fees for professional services, and other amounts received from an Employer for personal services actually rendered in the course of employment with an Employer as an Employee to the extent that the amounts are includable in gross income (including, but not limited to, commissions paid salesmen, overtime pay, compensation for services on the basis of a percentage of profits, commissions on insurance premiums, tips, bonuses, fringe benefits and reimbursements or other expense allowances under a nonaccountable plan, as described in Treasury Regulations Section 1.62-2(c)), but determined without regard to the exclusions found in Code Sections 931 and 933; (ii) amounts received by such Participant described in Code Sections 104(a)(3), 105(a) and 105(h), but only to the extent that these amounts are includable in the gross income of the Employee; (iii) amounts paid or reimbursed by the Employer to such Participant for moving expenses incurred by such Participant, but only to the extent that at the time of payment it is reasonable to believe that these amounts are not deductible by such Participant under Code Section 217; (iv) the value of nonqualified stock options granted to such Participant, but only to the extent that the value of the option is includable in the gross income of such Participant for the taxable year in which granted; and (v) the amount includable in the gross income of such Participant upon making the election described in Code Section 83(b), but excluding the following:
Limitation Year Compensation shall have the meaning set forth in Subsection 5.08(5), except that if the Limitation Year and the Plan Year under the applicable plan are not the same, then for purposes of this Article 19, “Plan Year” shall be substituted for “Limitation Year” every place it occurs in Subsection 5.08(5).
Limitation Year Compensation means the aggregate of (i) all wages, salaries and other amounts received for personal services actually rendered in the course of employment with all Participating Companies and Affiliated Companies (including, but not limited to, commissions paid salesmen, compensation for services on the basis of a percentage of profits, commissions on insurance premiums, tips, fringe benefits, expense accounts and bonuses) which are actually paid or made available to a Participant within a Limitation Year; (ii) in the case of a Participant who is an employee within the meaning of Code Section 401(c)(1), the Participant's earned income (as described in Code Section 401(c)(2)); (iii) amounts described in Code Sections 104(a)(3), 105(a) and 105(h), but only to the extent that these amounts are includable in the gross income of the Participant; (iv) amounts paid or reimbursed for moving expenses incurred by a Participant, but only to the extent that these amounts are not deductible by the Participant under Code Section 217; (v) the value of a non-qualified stock option granted to a Participant but only to the extent that the value of the option is includable in the gross income of the Participant for the taxable year in which granted; (vi) the amount includable in the gross income of a Participant upon making the election described in Code Section 83(b); which are actually paid or made available (or, for Limitation Years beginning prior to December 31, 1991, accrued, if the Company properly so elected) to a Participant within a Limitation Year. Paragraphs (i) and (ii) of this section include foreign earned income (as defined in Code Section 911(b)), whether or not excludable from gross income under Code Section 911. Limitation Year Compensation shall not include the following:
Limitation Year Compensation means the Member’s wages, salaries, fees for professional service and other amounts received for personal services actually rendered in the course of employment with the Participating Companies and Affiliated Companies during a Limitation Year including, but not limited to, commissions paid salesmen, compensation for services on the basis of a percentage of profits, and bonuses. For this purpose, Limitation Year Compensation shall also include the Compensation described in clauses (1)-(3) of Section 2.1(m). Limitation Year Compensation shall not include deferred compensation amounts (other than amounts received by a Member pursuant to an unfunded non‑qualified plan in the year such amounts are includable in the gross income of the Member for federal income tax purposes); amounts allocated to a Member’s Salary Reduction Contribution Account, provided, however, that such amounts shall be included as Limitation Year Compensation; allowances paid by reason of foreign assignment; amounts realized from the exercise of non‑qualified stock options or when restricted stock (or property) held by a Member becomes freely transferable or is no longer subject to a substantial risk of forfeiture; amounts realized from the sale, exchange or other disposition of stock acquired under a qualified stock option; and other amounts which receive special tax benefits. Notwithstanding anything in the foregoing to the contrary, elective deferrals pursuant to Code sections 125, 132(f)(4) or 457(b) shall be included as Limitation Year Compensation. The applicable annual compensation limit is $200,000 and adjustments thereto shall only be made in increments of $5,000 rounded down to the next lowest multiple of $5,000, in such manner as determined by Code section 415(d) from time to time.