Excess Benefit Transaction
Definition of "Excess benefit transaction"
Transaction by a tax-exempt organization with a person from inside the organization (disqualified person) that provides an economic benefit to that person that is in excess of the value of the consideration received. Compensation that is deemed to be unreasonable comprises an excess benefit and is subject to a penalty excise tax under section 4958 of the internal revenue code.
Popular Insurance Terms
Insurance policy that is commercial lines in orientation and is composed of two or more of the following coverages: commercial property, business crime, business automobile, boiler and ...
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Salesperson who markets and services insurance policies in the state in which he or she is domiciled. ...
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