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- W317792382 abstract "GOLDEN PARACHUTES SHOT FULL OF HOLES One innovation used by corporate executives heavily involved in hostile mergers and takeovers is the contract. Under this arrangement, if a corporation goes through a change in ownership (or control) and the officer (or key employee) loses his or her job as a result, he or she will receive a special payment typically well in of normal compensation. Originally, when these arrangements were first introduced, the amounts paid were deducted by the corporation as a normal business expense. The Tax Reform Act of 1984, however, changed this treatment; the portion of these payments considered excess is no longer deductible by the corporation, and the recipient is subject to added tax on this amount. PARACHUTE PAYMENTS In general, a payment is any payment under an agreement made after June 14, 1984, that * Is in the nature of compensation. * Is paid to a disqualified individual. * Is contingent on a change in ownership (or effective control). * Exceeds three times that individual's base amount. Compensation. Payments are in the nature of compensation if they arise out of an employment relationship, or are associated with the performance of services. This includes the availability to perform services, as well as refraining from such work (that is, covenants not to compete), and may include transfers of property. Disqualified individuals. These rules apply to any individual (or personal service corporation) who is both an employee or independent contractor and an officer, shareholder (with stock worth the lesser of $1 million or 1% of total value) or highly compensated individual (that is, making at least $75,000 and among the highest paid 1% or 250 corporate employees). Applicable transactions. The golden parachute rules apply only if payments are made contingent on a change in a corporation's ownership, in effective control of the corporation or in the ownership of a substantial portion of the corporation's assets. A payment may be treated as contingent even if the individual's employment or independent contractor relationship is not terminated. Generally, a payment that would not have been made if there had not been the change in control is contingent. Additionally, a payment is contingent if premised on an event closely associated with the change, such as a tender offer, a 5% acquisition of the corporation's stock, voluntary or involuntary termination of the individual's employment or a reduction in his responsibilities. …" @default.
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- W317792382 title "Golden Parachutes Shot Full of Holes" @default.
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