Application of section 423 to ESPP with no discount

[Guest AEA]

If an employer gives employees the opportunity to make payroll deductions to buy the employer's holding company's stock but there is no discount given on share price and stock is purchased once a month if the employee has enough in his or her account, does Code section 423 apply?

I am looking at the program to determine if Code section 409A applies and will admit that it is unclear from the information I have if the payroll deductions are pre-tax or where the shares are purchased (are publicly traded).

Bottom line, is it possible to have a payroll deduction like this without having either Code section 423 or Code section 409A apply?

Thank you in advance