See Treas. Reg. §1.409A-2(a)(1). The Plan treats this election as not being subject to the timing rules applicable to payment elections.
See Treas. Reg. 1.409A-2(b)(2)(iv).
See Treas. Reg. §1.48-9(d)(6). Our discussions with the IRS national office have suggested that the same principle should be used for the cash grant program. The cash grant program is supposed to mimic the investment credit. See Joint Explanatory Statement of the Committee Conference, to ARRA, at pg. 115. Treasury has not stated whether it plans to adopt the 75% rule. There are other precedents the Treasury might apply to allow a full credit as long as the primary energy source is sunlight. The equipment that uses solely natural gas does not qualify for the cash grant. Equipment that uses solely solar energy exclusively does. The 75% rule is relevant for equipment that uses both. Cash Grant Opinion - Ivanpah 14 April 5, 2011 Gas used as a preheater for the Ivanpah projects provides heat that reduces the amount of heat a project needs to generate from solar energy. Thus, because gas is used to preheat the boiler may cause certain equipment that uses both solar and nonsolar energy to be disqualified in whole or in part from qualifying for the cash grant if the Treasury applies the 75% rule.
See Treas. Reg. §1.1361-1(l)(2)(iii)(B) (bona fide agreements to redeem or purchase stock at the time of death, divorce, disability, or termination of employment are disregarded in determining whether a corporation's shares of stock confer identical rights); Priv. Ltr. Rul. 201918013 (May 3, 2019) (where the IRS determined that there would not be a second class of stock in the case of an employee who has the employee who “has engaged in activity meeting the definition of ‘cause’ in the Plan, which generally only includes theft or fraud by the employee that materially xxxxx [the Company], the Shareholder’s shares may be redeemed for the “‘forfeiture repurchase price,” which is the lesser of: (i) the fair market value of the shares or (ii) the price paid, if any, to acquire the shares.”
See Treas. Reg. § 1.6033–2(g)(1)(v) (a state institu tion exempt from taxation under § 501(a) the income of which is excluded from gross income under § 115(a) (now § 115(1)) is not required to file an annual information re turn on Form 990, Return of Organiza tion Exempt From Income Tax); see also Rev. Proc. 95–48, §§ 3.01, 4.02, 1995–2 C.B. 418.
See Treas. Reg. § 1.409A-2(b)(2)(iii) (2007). compensation plan should expressly provide that each annual payment is a separate payment.51
See Treas. Reg. § 1.148-1(c)(4).
See Treas. Reg. § 1.148-3 for a detailed description of the computation of arbitrage rebate (including certain computation credits). In particular, certain formal elections and informal selections, applications and allocations may be made in connection with the computation of arbitrage rebate. Absent an applicable exception (such as that for certain Bona Fide Debt Service Funds as provided for in Section 148(f)(4)(A) and Treas. Reg. § 1.148-3(k)), arbitrage rebate with respect to the Bonds may need to be computed as to Nonpurpose Investments in the following funds or accounts: Debt Service Fund Costs of Issuance Fund Escrow Fund The first rebate installment payment must be made for a Computation Date that is not later than five years after the Issue Date. Each subsequent rebate installment payment must be made for a Computation Date that is not later than five years after the previous Computation Date for which an installment payment was made. The final rebate payment must be made for the final Computation Date. The final Computation Date with respect to an issue generally is the date the last outstanding bond of the issue is Discharged. For a fixed Yield issue, an Issuer may treat any date as a Computation Date. For a variable Yield issue, an Issuer:
See Treas. Reg. § 20.
See Treas. Reg. § 1.752-1(a)(1). Nonrecourse debt is anything that is not a recourse debt. See Treas. Reg. § 1.752-1(a)(2). The distinction is best illustrated by a simple example. Partner A and partner B contribute $50,000 each to form a partnership. Each partner has an initial capital account and basis in their partnership interest equal to $50,000. If the partnership then borrowed $20,000 on a recourse basis then each partner would still have a capital account of $50,000 but their basis in their partnership interest would have increased to $60,000 each, [$50,000 initial capital plus $10,000 each of recourse debt]. See generally, IRC § 705 and IRC § 752. Limited partners generally do not bear any economic risk of loss relating to partnership liabilities. Notwithstanding, a limited partner does include as part of his basis in his partnership interest his allocable share of partnership non-recourse liabilities. Again, non- recourse liabilities are those for which no partner bears the economic risk of loss, for example, a mortgage on an office building that is secured only by a lien on the building and on the rents, but with no personal obligation to repay the loan on the part of any of the partners. Non-recourse liabilities are shared by all partners in a manner that correlates with the allocation of deductions attributable to such liabilities. A partner’s share of partnership non-recourse liabilities increases a partner’s basis in his partnership interest and thus reduces his deficit in his capital account, which in term reduces his deficit make-up obligation required under Treas. Reg. § 1.704-1. Therefore, in order to determine a partner’s deficit make-up obligation we need to figure out what is his basis in his partnership interest. To determine that, we need to know the partner’s share of partnership non-recourse liabilities. A partner’s share of partnership non- recourse liabilities includes: (1) Tier # 1-the partner’s share of partnership minimum gain; (2) Tier # 2-the amount of any taxable gain under IRC § 704(c)-pre-contribution gain allocated to contributing partner, and; (3) Tier #3-the partner’s share of the excess non-recourse liabilities as determined in accordance with the partner’s share of partnership profits. See Treas. Reg. § 1.752-3(a) Partnership “minimum gain” is determined by first computing for each partnership non-recourse liability any gain the partnership would realize if it disposed of the property subject to that liability for no considera...
