Description of Amendments By Chairman Rostenkowski to H.R. 2636, the Technical Corrections Act of 1987 Jcx-14-87
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With respect to plan contributions made pursuant to a collective bargaining agreement, the bill delayed the effective date of the new restrictions on deductible contributions. The amendment would modify the bill to impose the same requirements for this delay as apply to the collective bargaining agreement delays in the 1986 Act.
20. The amendment would clarify that an employer may not claim a deduction or credit with respect to an employer reversion transferred to an ESOP because the reversion ...is not included in the employer's income under a special rule in the 1986 Act.
21. The amendment conforms the statute to the legislative history of the 1986 Act by providing that, if an employer reversion is transferred to an ESOP, dividends on stock held in the suspense account (holding the transferred amount) would be required to be paid out currently to plan participants, used to repay an acquisition loan, or allocated to participants.
22. Under the amendment, the amount required to be -13- allocated from the suspense account described above would be no less than the lesser of (a) the maximum amount allowable under section 415, or (b) 1/8 of the shares acquired with the amount transferred (and amounts attributable thereto) rather than 1/8 of the amount transferred.
What to read after Description of Amendments By Chairman Rostenkowski to H.R. 2636, the Technical Corrections Act of 1987 Jcx-14-87?
You can find similar books in the "Read Also" column, or choose other free books by United States. Congress. Joint Committee On Taxation to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
With respect to plan contributions made pursuant to a collective bargaining agreement, the bill delayed the effective date of the new restrictions on deductible contributions. The amendment would modify the bill to impose the same requirements for this delay as apply to the collective bargaining agreement delays in the 1986 Act.
20. The amendment would clarify that an employer may not claim a deduction or credit with respect to an employer reversion transferred to an ESOP because the reversion ...is not included in the employer's income under a special rule in the 1986 Act.
21. The amendment conforms the statute to the legislative history of the 1986 Act by providing that, if an employer reversion is transferred to an ESOP, dividends on stock held in the suspense account (holding the transferred amount) would be required to be paid out currently to plan participants, used to repay an acquisition loan, or allocated to participants.
22. Under the amendment, the amount required to be -13- allocated from the suspense account described above would be no less than the lesser of (a) the maximum amount allowable under section 415, or (b) 1/8 of the shares acquired with the amount transferred (and amounts attributable thereto) rather than 1/8 of the amount transferred.
What to read after Description of Amendments By Chairman Rostenkowski to H.R. 2636, the Technical Corrections Act of 1987 Jcx-14-87?
You can find similar books in the "Read Also" column, or choose other free books by United States. Congress. Joint Committee On Taxation to read onlineMoreLess
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