WebFor purposes of section 4958, economic benefits provided by a controlled entity will be treated as provided by the applicable tax-exempt organization. (B) Definition of control - (1) In general. For purposes of this paragraph, control by … WebIRC Section 4958 establishes a general approach in the three steps above. However, the comparability study requires a more tailored methodology for determining the reasonableness of compensation including: A compilation of data from actual peer organizations that meet specific criteria Comparable industry types of nonprofit …
4958 - U.S. Code Title 26. Internal Revenue Code - Findlaw
WebOct 9, 1999 · Responding to this inequity, Congress in 1996 passed into law §4958 of the Internal Revenue Code, which provided the groundwork for asserting personal liability for … WebAug 21, 2013 · A disqualified person, under IRC section 4958, is required to pay an excise tax of 25% on the “excess” benefit received and if no corrective actions are done within the taxable period, an additional punitive excise tax equal … incoming power filter
26 U.S. Code § 4958 - Taxes on excess benefit transactions
WebSection 4958 (f) (1) defines disqualified person, with respect to any transaction, as any person who was in a position to exercise substantial influence over the affairs of an … 26 U.S. Code § 4958 - Taxes on excess benefit transactions. There is hereby imposed on each excess benefit transaction a tax equal to 25 percent of the excess benefit. The tax imposed by this paragraph shall be paid by any disqualified person referred to in subsection (f) (1) with respect to such transaction. See more There is hereby imposed on each excess benefit transaction a tax equal to 25 percent of the excess benefit. The tax imposed by this paragraph shall be paid by any disqualified person referred to in subsection (f)(1) with … See more If more than 1 person is liable for any tax imposed by subsection (a) or subsection (b), all such persons shall be jointly and severally liable for such tax. See more To the extent provided in regulations prescribed by the Secretary, the term excess benefit transaction includes any transaction in which the amount of any economic benefit provided to or for the use of a disqualified … See more With respect to any 1 excess benefit transaction, the maximum amount of the tax imposed by subsection (a)(2) shall not exceed $20,000. See more WebSection 4958 (a) (1) imposes a tax equal to 25 percent of the excess benefit on each excess benefit transaction. The section 4958 (a) (1) tax shall be paid by any disqualified person … incoming pq