Edward Clasby and C.T. Garrahan Insurance Agency, Inc. - Page 11




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          disqualified person2 includes an owner of 50 percent or more                

               2 Sec. 4975(e) provides:                                               
               SEC. 4975(e).  Definitions.--                                          
                        *     *     *     *     *     *     *                         
                    (2)  Disqualified person.--For purposes of this                   
               section, the term "disqualified person" means a person                 
               who is--                                                               
                         (A)  a fiduciary;                                            
                         (B)  a person providing services to                          
                    the plan;                                                         
                         (C)  an employer any of whose                                
                    employees are covered by the plan;                                
                         (D)  an employee organization any of                         
                    whose members are covered by the plan;                            
                         (E)  an owner, direct or indirect, of                        
                    50 percent or more of--                                           
                              (i)  the combined voting power                          
                    of all classes of stock entitled to                               
                    vote or the total value of shares of                              
                    all classes of stock of a                                         
                    corporation,                                                      
                              (ii)  the capital interest or                           
                    the profits interest of a                                         
                    partnership, or                                                   
                              (iii)  the beneficial interest                          
                    of a trust or unincorporated                                      
                    enterprise, which is an employer or                               
                    an employee organization described in                             
                    subparagraph (C) or (D);                                          
                        *     *     *     *     *     *     *                         
                         (G)  a corporation, partnership, or                          
                    trust or estate of which (or in which) 50                         
                    percent or more of--                                              
                              (i) the combined voting power of                        
                                                             (continued...)           

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Last modified: May 25, 2011