Nonallocation Year definition

Nonallocation Year means a plan box in item H and enter the tax reported
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Nonallocation Year means any Plan Year if, at any time during such Plan Year:
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Nonallocation Year means any Plan Year if, at any time during such Plan year –
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Examples of Nonallocation Year in a sentence

  • If necessary to prevent a Nonallocation Year as described in Section 4.12(a), the Plan Administrator will transfer the minimum number of shares of Employer Stock from the ESOP accounts of Disqualified Persons to the Non-ESOP accounts of those persons that will result in Disqualified Persons owning 49% of the sum of the outstanding shares of stock in the S Corporation (including Deemed-Owned Shares) and the Synthetic Equity Shares owned by Disqualified Persons.

  • An Impermissible Allocation also occurs in a Nonallocation Year if a Disqualified Person accrues additional benefits, directly or indirectly, under the Plan or any other qualified plan of the Employer that would have been allocated to the Plan account of the Disqualified Person for the Nonallocation Year and invested in Employer Stock consisting of stock in an S corporation owned by the Plan, but for a Plan provision that precludes such allocation and investment.

  • As of each Valuation Date or as of such other dates as determined by the Committee and prior to any allocation of Company Stock to be made as of such date, the Committee shall determine whether an allocation of Company Stock may cause a Nonallocation Year to occur or cause any Participant to become a Disqualified Person in the current or following Plan Year, as set forth in Article 5.

  • For any Plan Year in which the Trust Fund holds Stock consisting of stock in an S corporation, no portion of the assets of the Plan attributable to (or allocable in lieu of) such Stock may, during a Nonallocation Year, accrue (or be allocated directly or indirectly under any plan of the Employer meeting the requirements of Section 401(a) of the Code) for the benefit of any Disqualified Person.

  • The Nonallocation Year Attribution Rules apply for purposes of determining ownership.

  • In a Nonallocation Year, an Impermissible Allocation occurs if any Annual Addition is made to the account of a Disqualified Person.

  • Nonallocation Year Attribution Rules The “Nonallocation Year Attribution Rules” are the rules in this paragraph.

  • A Nonallocation Year is a Plan Year during which, at any time, ne Plan holds any shares of employer Stock that are shares of an S Corporation and Disqualified Persons own (1) at least 50% of the number of outstanding shares of stock in the S Corporation (including Deemed-Owned Shares), or (2) at least 50% of the sum of (A) the outstanding share of stock in the S Corporation ;including Deemed-Owned Shares), and (B) the Synthetic Equity Shares owned by Disqualified Person.

  • Notwithstanding Section 5.4, if the Plan holds Employer Securities consisting of stock in an S corporation, no portion of the assets of the Plan attributable to (or allocable in lieu of) such Employer Securities may, during a Nonallocation Year, accrue (or be allocated directly or indirectly under any plan of the Employer meeting the requirements of Section 401(a) of the Code) for the benefit of any Disqualified Person pursuant to an Impermissible Accrual or an Impermissible Allocation.

  • No portion of the assets of the Plan attributable to (or allocable in lieu of) Company Stock may, during a Nonallocation Year, accrue under the Plan, or be allocated directly or indirectly under any plan of the Company meeting the requirements of Code Section 401(a) (including the Plan), for the benefit of any Disqualified Person.


More Definitions of Nonallocation Year

Nonallocation Year means a "nonallocation year" as defined in Section 409(p)(3) of the Code and the regulations issued with respect thereto.
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Nonallocation Year means any Plan Year if, at any time during such Plan Year, (1) the Plan holds Employer Securities consisting of stock in an S corporation, and (2) Disqualified Persons (as that term is defined for purposes of Section 6.16) own at least 50 percent of the number of shares of stock in the S corporation.
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Nonallocation Year means any Plan Year if, at any time during such Plan Year: (i) the Plan holds employer securities consisting of stock in an S Corporation; and (ii) disqualified persons own at least 50 percent of the number of shares of stock in the S Corporation. For purposes of this definition, the rules of Code section 318(a) shall apply for purposes of determining ownership, except that in applying Code section 318(a)(1), the members of an individual’s family shall include members of the family defined in Subsection (3)(D) herein pursuant to Code section 409(p)(4)(D) and Code section 318(a)(4) regarding options shall not apply. Notwithstanding the employee trust exception in Code section 318(a)(2)(B)(i), an individual shall be treated as owning deemed-owned shares of the individual. Solely for purposes of applying Code section 409(p)(5) (regarding the treatment of synthetic equity), this definition of a nonallocation year shall be applied after the attribution rules of Section 5.04(b)(3)(E)(1) and Code section 409(p)(5) have been applied.
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Nonallocation Year means any Plan Year of the Plan if, at any time during such Plan Year:
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Nonallocation Year means any Plan Year, if at any time during such Plan Year, the Plan holds Employer Stock in an S Corporation and Disqualified Persons own or are deemed to own at least fifty (50) percent of the number of shares of Employer Stock in the S Corporation.
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Nonallocation Year means a Plan Year during which, at any time, more than 50% of the outstanding stock of the Company is held by Disqualified Persons. Synthetic Equity held by Disqualified Persons (but not by others) and all other Deemed-Owned Shares held by a Disqualified Person shall be included in the determination of whether there is a Nonallocation Year. The ownership attribution rules of Code Section 318(a) shall apply for this purpose, except that the family members as described in Code Section 318(a)(1) shall include all of (1) the person’s spouse, (2) the ancestors and lineal descendants of the person and the person’s spouse, (3) siblings of the person and the person’s xxxxxx, and lineal descendants of such siblings, and (4) the spouse of any person described in (2) or (3).
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Related to Nonallocation Year

  • Allocation Year Means (i) the period commencing on the Closing Date and ending on December 31, 2006, (ii) any subsequent period commencing on January 1 and ending on the following December 31, or (iii) any portion of the period described in clause (ii) for which the Company is required to allocate Profits, Losses and other items of Company income, gain, loss or deduction pursuant to Article V.

  • Limitation Year means the Plan Year.

  • Election Year means a year in which ordinary elections for local governments are required to be held;

  • Termination Year means the calendar year in which the Employment Period is terminated.

  • taxation year means the calendar year to which an assessment roll applies for the purposes of taxation;

  • Determination Year means the Plan Year for which testing is being performed, and the “look-back year” means the immediately preceding twelve (12) month period.

  • transition year means the financial year of an issuer or business in which the issuer or business changes its financial year-end;

  • Compensation Year means a period of 12 months expiring 31 March in any year;

  • Vacation Year means the twelve (12) month period commencing on the first (1st) day of April in each calendar year and concluding on the thirty-first (31st) day of March of the following calendar year.

  • Excess Elective Deferrals means the amount of Elective Deferrals (as defined below) for a calendar year that the Participant designates to the Plan pursuant to the following procedure. The Participant’s designation: shall be submitted to the Administrator in writing no later than March 1; shall specify the Participant’s Excess Elective Deferrals for the preceding calendar year; and shall be accompanied by the Participant’s written statement that if the Excess Elective Deferrals is not distributed, it will, when added to amounts deferred under other plans or arrangements described in Section 401(k), 408(k) or 403(b) of the Code, exceed the limit imposed on the Participant by Section 402(g) of the Code for the year in which the deferral occurred. Excess Elective Deferrals shall mean those Elective Deferrals that are includible in a Participant's gross income under Section 402(g) of the Code to the extent such Participant's Elective Deferrals for a taxable year exceed the dollar limitation under such Code section.

  • Excess Deferrals means, with respect to any taxable year of a Participant, either (a) those elective deferrals within the meaning of Code §§402(g) or 402A that are made during the Participant's taxable year and exceed the dollar limitation under Code §402(g) (including, if applicable, the dollar limitation on Catch-Up Contributions defined in Code §414(v)) for such year; or (b) are made during a calendar year and exceed the dollar limitation under Code §§402(g) and 402A (including, if applicable, the dollar limitation on Catch-Up Contributions defined in Code §414(v)) for the Participant's taxable year beginning in such calendar year, counting only Elective Deferrals made under this Plan and any other plan, contract or arrangement maintained by the Employer.

  • Excess Contribution With respect to any Plan Year, the excess of: (a) the aggregate amount of Employer contributions actually taken into account in computing the ADP of Highly Compensated Employees for such Plan Year, over (b) the maximum amount of such contributions permitted by the ADP Test (determined by hypothetically reducing contributions made on behalf of Highly Compensated Employees in order of the ADPs, beginning with the highest of such percentages).

  • Percentage Allocation is defined in Section 4.3(b)(ii)(y).

  • Plan Year means the calendar year.

  • Allocation Period means the period (a) commencing on the date hereof or, for any Allocation Period other than such first Allocation Period, the day following the end of a prior Allocation Period and (b) ending (A) on the last day of each Fiscal Year, (B) on the day preceding any day in which an adjustment to the Book Value of the C.V.’s properties pursuant to clause (b)(i), (ii), (iii) or (v) of the definition of Book Value occurs, (C) immediately after any day in which an adjustment to the Book Value of the C.V.’s properties pursuant to clause (b)(iv) of the definition of Book Value occurs, or (D) on any other date determined by the Managing Partner.

  • Post-Distribution Period means any Tax Period beginning after the Distribution Date and, in the case of any Straddle Period, the portion of such Tax Period beginning on the day after the Distribution Date.

  • Excess Contributions means, with respect to any Plan Year, the excess of:

  • Taxable Allocation means, with respect to any Series, the allocation of any net capital gains or other income taxable for federal income tax purposes to a dividend paid in respect of such Series.

  • Elective Deferral means the portion of Compensation which is deferred by a Participant under Section 4.1.

  • Taxable Year means a taxable year of the Corporate Taxpayer as defined in Section 441(b) of the Code or comparable section of state or local tax law, as applicable (and, therefore, for the avoidance of doubt, may include a period of less than 12 months for which a Tax Return is made), ending on or after the IPO Date.

  • Elective Deferrals mean Compensation and Elective Deferrals for: . [Note: The Employer must complete the blank line with the applicable time period for computing the Basic Match, such as "each payroll period," "each calendar month," "each Plan Year quarter" or "the Plan Year."]

  • Reais Allocation Date means, with respect of any Reais Transfer Date, the Business Day which is immediately prior to such Reais Transfer Date.

  • Elective Deferral Account means the account established hereunder to which Elective Deferrals (including a separate accounting for Catch-Up Contributions) are allocated. Amounts in the Participant's Elective Deferral Account are nonforfeitable when made and are subject to the distribution restrictions of Section 12.2(e). The Elective Deferral Account may consist of the

  • Plan Year(s means the approximate twelve-month periods between annual meetings of the shareholders of the Company, which, for purposes of the Plan, are the periods for which annual retainers are earned.

  • Crop year means any 12 month period which represents the planting, growing, harvesting and marketing of an insurable crop, as stated in the Schedules;

  • Taxable Wage Base means, with respect to any Plan Year, the contribution and benefit base under Section 230 of the Social Security Act at the beginning of such Plan Year.