12/18/2002: In Rev. Rul. 2003-6, IRS Clarifies Application of EGTRRA S Corp ESOP Provision's Effective Date (Internal Revenue Service)Excerpt: "An S corporation ESOP described in this ruling is not eligible for the delayed effective date under § 409(p) of the Code provided under section 656(d)(2) of EGTRRA, and thus is subject to the nonallocation rules of § 409(p) of the Code effective for plan years ending after March 14, 2001. Any taxpayer who is a disqualified person with respect to the S corporation ESOP is treated as receiving a deemed distribution [and] excise taxes under § 4979A apply ..."
Important word about authorship:
BenefitsLink ® (BenefitsLink.com) provides this page for you, with a hypertext link to an item we think is interesting and valuable for companies sponsoring employee benefit plans, employees who participate in plans, and firms who provide products and services to plans. But BenefitsLink is not the author of the item to which this hypertext link will take you (unless expressly indicated there).
|
|
|
