There is hereby imposed a tax on each prohibited transaction. The rate of tax shall be equal to 15 percent of the amount involved with respect to the prohibited ...
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What is the code 4975?
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What is the tax on a prohibited transaction?
Section 4975(f)(5) defines Acorrection@ as undoing the transaction to the extent possible, but in any case placing the plan in a financial position not worse.
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26 U.S.C. 4975 - Tax on prohibited transactions. View the most recent version of this document on this website.
(a) Initial taxes on disqualified person. There is hereby imposed a tax on each prohibited transaction. The rate of tax shall be equal to 15 percent of the ...
This section provides general rules for the imposition of the excise taxes on prohibited transactions. (b) Initial tax. Section 4975(a) imposes an initial tax ...
Section 4975(d)(2) refers to the payment of reasonable compensation by a plan to a disqualified person for services rendered to the plan. Section. 4975(d)(10 ...
A 10 percent or more (in capital or profits) partner or joint venturer of a person described in subparagraph (C), (D), (E), or (G).
IRS Code 4975 on Prohibited Transactions (from the IRS website). Internal Revenue Code 4975 reflect the statutory requirements regarding prohibited ...