Edward Clasby and C.T. Garrahan Insurance Agency, Inc. - Page 12




                                       - 12 -                                         

          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); * * *                                                

Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011