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of the stock of a corporation which is an employer any of whose
employees are covered by the plan. Sec. 4975(e)(2)(C), (E).
Petitioners contend that they were not disqualified persons
and did not engage in prohibited transactions.
B. Whether Petitioner Was a Disqualified Person
Petitioner is a disqualified person if he was a fiduciary of
the FUH plan, section 4975(e)(2)(A), or if he was an officer or
director of FUH, or person having similar powers. Sec.
4975(e)(2)(H).
1. Whether Petitioner Was a Fiduciary of the FUH Plan
Petitioner argues that he was not a fiduciary of the FUH
plan under section 4975(e)(2)(A), and thus was not a disqualified
person, because he did not exercise discretionary authority or
2(...continued)
all classes of stock entitled to vote
or the total value of shares of all
classes of stock of such corporation,
(ii) the capital interest or
profits interest of such partnership, or
(iii) the beneficial interest of such
trust or estate,
is owned directly or indirectly, or held by
persons described in subparagraph (A), (B), (C),
(D), or (E);
(H) an officer, director (or an
individual having powers or
responsibilities similar to those of
officers or directors), a 10 percent or
more shareholder, or a highly compensated
employee (earning 10 percent or more of
the yearly wages of an employer) of a
person described in subparagraph (C), (D),
(E), or (G); * * *
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