Examples of Excess Benefit Transaction in a sentence
For an explanation of the meaning of Excess Benefit Transaction and the Internal Revenue Service safe harbor approval procedures, please see Exhibit A.In addition to the prohibition on Excess Benefit Transactions, the Internal Revenue Code requires that the Foundation be operated exclusively for charitable purposes and as such any arrangement involving private inurement or private benefit is forbidden.
After disclosure of the Possible Conflict of Interest and all material facts, the Board of Trustees shall decide if a Conflict of Interest or Excess Benefit Transaction exists.
Excess Benefit Transaction means an “excess benefit transaction” as that term is defined in Section 4958 of the Internal Revenue Code of 1986, as amended.
Pursuant to the Regulations issued under Code Section 4958, a rebuttable presumption that a transaction is not an Excess Benefit Transaction may be established.
An Excess Benefit Transaction shall be considered aconflict of interest.