Source: http://taxtv.com/code/00287-USCODE-2011-title26-subtitleA-chap1-subchapB-partIX-sec280G/
Timestamp: 2017-03-23 02:18:33
Document Index: 80753722

Matched Legal Cases: ['§280', '§67', '§102', '§1804', '§1018', '§1421', '§302', '§1018', '§1018', '§1018', '§1804', '§1804', '§1804', '§1804', '§1804', '§1804', '§1804', '§1804', '§302']

IRC §280G. Golden parachute payments - TaxTV.com
The term “parachute payment” means any payment in the nature of compensation to (or for the benefit of) a disqualified individual if—
(Added Pub. L. 98–369, div. A, title I, §67(a), July 18, 1984, 98 Stat. 585; amended Pub. L. 99–121, title I, §102(c)(4), Oct. 11, 1985, 99 Stat. 508; Pub. L. 99– 4, title XVIII, §1804(j), Oct. 22, 1986, 100 Stat. 2807; Pub. L. 100–647, title I, §1018(d)(6)–(8), Nov. 10, 1988, 102 Stat. 3581; Pub. L. 104–188, title I, §1421(b)(9)(A), Aug. 20, 1996, 110 Stat. 1798; Pub. L. 110–343, div. A, title III, §302(b), Oct. 3, 2008, 122 Stat. 3805.)
1988—Subsec. (b)(5)(A). Pub. L. 100–647, §1018(d)(6), substituted “section 1361(b) but without regard to paragraph (1)(C) thereof)” for “section 1361(b))” in cl. (i) and inserted at end “Stock described in section 1504(a)(4) shall not be taken into account under clause (ii)(I) if the payment does not adversely affect the shareholder’s redemption and liquidation rights.”
Subsec. (b)(5)(B). Pub. L. 100–647, §1018(d)(7), inserted at end “The regulations prescribed under subsection (e) shall include regulations providing for the application of this subparagraph in the case of shareholders which are not individuals (including the treatment of nonvoting interests in an entity which is a shareholder) and where an entity holds a de minimis amount of stock in the corporation.”
Subsec. (d)(5). Pub. L. 100–647, §1018(d)(8), substituted “officer of any member” for “officer or any member”.
1986—Subsec. (b)(2)(A). Pub. L. 99– 4, §1804(j)(6), inserted “For purposes of clause (ii), payments not treated as parachute payments under paragraph (4)(A), (5), or (6) shall not be taken into account.”
Subsec. (b)(2)(B). Pub. L. 99– 4, §1804(j)(7), amended subpar. (B) generally. Prior to amendment, subpar. (B) read as follows: “The term ‘parachute payment’ shall also include any payment in the nature of compensation to (or for the benefit of) a disqualified individual if such payment is pursuant to an agreement which violates any securities laws or regulations.”
Subsec. (b)(4). Pub. L. 99– 4, §1804(j)(2), substituted “Treatment of amounts which taxpayer establishes as reasonable compensation” for “Excess parachute payments reduced to extent taxpayer establishes reasonable compensation” in heading and amended text generally. Prior to amendment, text read as follows: “In the case of any parachute payment described in paragraph (2)(A), the amount of any excess parachute payment shall be reduced by the portion of such payment which the taxpayer establishes by clear and convincing evidence is reasonable compensation for personal services actually rendered. For purposes of the preceding sentence, reasonable compensation shall be first offset against the base amount.”
Subsec. (b)(5). Pub. L. 99– 4, §1804(j)(1), added par. (5).
Subsec. (b)(6). Pub. L. 99– 4, §1804(j)(3), added par. (6).
Subsec. (c). Pub. L. 99– 4, §1804(j)(5), inserted provision defining “highly-compensated individual”.
Subsec. (d)(2). Pub. L. 99– 4, §1804(j)(8), substituted “performed personal services for the corporation” for “was an employee of the corporation”.
Subsec. (d)(5). Pub. L. 99– 4, §1804(j)(4), added par. (5).
Pub. L. 110–343, div. A, title III, §302(c)(2), Oct. 3, 2008, 122 Stat. 3806, provided that: “The amendments made by subsection (b) [amending this section] shall apply to payments with respect to severances occurring during the period during which the authorities under section 101(a) of this Act [enacting section 5211(a) of Title 12, Banks and Banking, and amending section 5315 of Title 5, Government Organization and Employees, and section 301 of Title 31, Money and Finance] are in effect (determined under section 120 of this Act [12 U.S.C. 5230]).”
Section 67(e) of Pub. L. 98–369 provided that: