Section 4958 Of The Internal Revenue Code
Definition of "Section 4958 of the internal revenue code"
Portion of a federal law that imposes a penalty excise tax on an excess benefit transaction of 25% of the excess benefit on the person from inside the organization (disqualified person) receiving the benefit. Also imposed is a penalty excise tax of 10% of the excess benefit on the manager within the organization awarding the excess benefit. If this excess amount is not repaid to the tax-exempt organization within a reasonable period of time, the disqualified person incurs an additional tax penalty of 200% of the excess benefit received.
Popular Insurance Terms
Consolidation of a non insurance parent company with its wholly owned subsidiary, thereby creating, allowable under current tax law, a consolidated balance sheet. This consolidation of ...
Action by insurance companies and agents to voluntarily refrain from business conduct that is misleading, fraudulent, and in general would have adverse consequences for the purchaser of the ...
Insurance company that specializes in underwriting casualty insurance. ...
Bond that reimburses a business for loss caused by the dishonest act of an employee. Since crime insurance policies exclude coverage of dishonest acts of employees, it is necessary to have ...
In a liability insurance policy, limit above the minimum amount of coverage for which the policy can be written according to company or legal restrictions. ...
Type of organization of property and casualty insurance companies whose objective is to share information on fraudulent claims, handle claims in an expeditious manner, and disseminate ...
in life insurance, receipt by a company of an insurance application accompanied by the first premium. in property and casualty insurance, a company's receipt of an application. ...
Measure of the sensitivity of the insurance company's liability for resultant higher mortality rates than charged for in the premium. ...
Coverage for the insured's personal and real property and the insured's own person. Contrast with third party. ...
Have a question or comment?
We're here to help.