Section 4958

Sections 1212 a 3 1232 a b and 1242 a b of pub.

Section 4958. See 2006 amendment notes below. The section 4958 a 1 tax shall be paid by any disqualified person who received an excess benefit from that excess benefit transaction. Section 4958 a 1 imposes a tax equal to 25 percent of the excess benefit on each excess benefit transaction.

A disqualified person is any person who was in a position to exercise substantial influence over the affairs of the applicable tax exempt organization at any time during the lookback period. Section 4958 does not apply to payment of the 200 000 base salary as adjusted for inflation because it is a fixed payment pursuant to an initial contract within the meaning of paragraph a 3 of this section. 53 4958 6 rebuttable presumption that a transaction is not an excess benefit transaction.

Meaning of disqualified person as used in internal revenue code section 4958 disqualified person intermediate sanctions internal revenue service. The tax imposed by this paragraph shall be paid by any disqualified person referred to in subsection f 1 with respect to such transaction. 109 280 which directed the amendment of section 4958 without specifying the act to be amended were executed to this section which is section 4958 of the internal revenue code of 1986 to reflect the probable intent of congress.

4958 a initial taxes i r c.