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| July 2009 |
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| Assessing and Avoiding Risk of Adverse Tax Consequences for Partnerships Under the “Golden Parachute” Payment Rules |
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Linda Lemel Hoseman
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Reprinted with permission from Employee Benefit Plan Review, July 2009. All rights reserved, WoltersKluwer Company, New York, N.Y.
Internal Revenue Code Section 280G denies an income tax deduction for, and Code Section 4999 imposes a nondeductible 20 percent excise tax on, certain compensatory payments (excess parachute payments) to “disqualified individuals” that are contingent upon a change in the ownership or control, or ownership of a substantial portion of the assets (a change in control), of a corporation. |
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