Section 4958 Of The Internal Revenue Code

Definition of "Section 4958 of the internal revenue code"

Tyrone Turner real estate agent

Written by

Tyrone Turnerelite badge icon

T Turner Group

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.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Insurance Terms

Table used in calculating various nonforfeiture values for industrial life insurance policies. These tables give the minimum values that must be generated to the policyowner. The insured's ...

Liability incurred by one insured as the result of his or her damaging another insured when both insureds are covered under the same liability insurance policy. Each insured must be treated ...

Life insurance: Bonds most state regulations permit life insurance company investments in debentures, mortgage bonds, and blue chip corporate bonds. Stocks(a) preferred stock investment ...

fee that is the most consistently charged by the physician for a particular procedure. fee that is usual for a particular procedure charged by the majority of physicians with similar ...

Plan whereby adjustments are made in the premium, as the premium increases to reflect the non proportionate increases in expenses. Generally, the expenses of acquisition costs, ...

Same as term Convention Examination: audit of the convention blank (NAIC Statement Blank) every third year as to all of the financial activities of a company; company claim practices; and ...

Additional amount of surplus from an additional amount of capital necessary to act as a supplement to the cash flow in the event unforeseen contingencies occur that disrupt or impair the ...

Trade association whose objective is to further the interests of its membership, as well as to inform the public on the role of its members. ...

Payment of an employee's employee benefit insurance plan benefits to the employee's individual retirement account ( IRA) or to another plan maintained by the employer. ...

Popular Insurance Questions