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.
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