Management Functions Definition

[Floridaattorney]

Can anyone point to a good definition of "management functions" for purposes of section 414(m)(5)?

[PensionPro]

EOB states: The law does not provide a definition of management functions. The term should be interpreted under common business practices. Activities that involve daily business operations, hiring or firing personnel, business planning, setting employee compensation, and supervisory roles would be examples of management functions.

However, see attached, starting with the last section of page 1 ...

Mgt Functions.pdf

[K2retire]

One thing I didn't see in the attachment that I've heard is a common management function is the authority to sign checks.

[PensionPro]

Was that in the context of key employee officer definition or management functions?

[Floridaattorney]

Thank you PensionPro!

[K2retire]

It was specifically in regard to whether a husband and wife can claim not to have their shares in professional corporations attributed to one another.