WebMay 18, 2024 · After Fumo’s criminal conviction, the Internal Revenue Service (IRS) sought to impose tax under I.R.C. section 4958 (a) (1), which, among other things, imposes a 25 percent tax on any “excess benefit” received by a “disqualified person” from a charity, and requires the tax to be paid by the disqualified person (individuals receiving excess … WebJan 9, 2004 · An Introduction to I.R.C. 4958 (Intermediate Sanctions) The 10% is payable by the organization managerwho participatedin the excess benefit transaction. The …
26 CFR § 53.4958-3 - Definition of disqualified person.
26 U.S. Code § 4958 - Taxes on excess benefit transactions. There is hereby imposed on each excess benefit transaction a tax equal to 25 percent of the excess benefit. The tax imposed by this paragraph shall be paid by any disqualified person referred to in subsection (f) (1) with respect to such transaction. See more There is hereby imposed on each excess benefit transaction a tax equal to 25 percent of the excess benefit. The tax imposed by this paragraph shall be paid by any disqualified person referred to in subsection (f)(1) with … See more If more than 1 person is liable for any tax imposed by subsection (a) or subsection (b), all such persons shall be jointly and severally liable for such tax. See more To the extent provided in regulations prescribed by the Secretary, the term excess benefit transaction includes any transaction in which the amount of any economic benefit provided to or for the use of a disqualified … See more With respect to any 1 excess benefit transaction, the maximum amount of the tax imposed by subsection (a)(2) shall not exceed $20,000. See more WebThe term “qualified first tier tax” means any tax imposed by subsection (a) of Sections 4942, 4943, 4944, 4945, 4955, 4958, 4966, or 4967. The term does not include the initial tax on self-dealing imposed by Section 4941 (a). IRC Section and Treas. Regulations: IRC Section: IRC Section 4962 Abatement of First Tier Taxes in Certain Cases hidden river community florida
Section 4958 - Taxes on excess benefit transactions, 26 U.S.C ...
WebSection 4958 (f) (1) defines disqualified person, with respect to any transaction, as any person who was in a position to exercise substantial influence over the affairs of an … Web(e) Coordination with sections 4945 and 4958 If tax is imposed under this section with respect to any political expenditure, such expenditure shall not be treated as a taxable expenditure for purposes of section 4945 or an excess benefit for purposes of section 4958. (f) Other definitions For purposes of this section— WebView Title 26 Section 53.4958-6 PDF; These links go to the official, published CFR, which is updated annually. As a result, it may not include the most recent changes applied to the CFR. ... Z is a university that is an applicable tax-exempt organization for purposes of section 4958. Z is negotiating a new contract with Q, its president ... howell automatic skins