Payroll Stock Ownership Plans (paysop)
Employee stock ownership plan (ESOP); trust (ESOP) under which an employer received tax credit instead of a tax deduction for contributions. Until passage of the tax reform act of 1986, the tax credit was limited to the lesser of the value of the stock contributed to the plan or .5% of the employer's payroll. The PAYSOP must have met all of the requirements of a qualified plan, and all participants must have had 100% immediate vesting. The Tax Reform Act of 1986 repealed PAYSOP.
Popular Insurance Terms
Total of operating income plus realized capital gains (losses) from investment and underwriting operations minus federal income taxes. ...
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Trust instrument that permits the owner of a residence (grantor) to transfer ownership of that residence with the grantor still being allowed to stay in that residence for a stipulated ...
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Series of payments made on either a FIXED DOLLAR ANNUITY basis or VARIABLE DOLLAR ANNUITY basis. ...
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