Joseph R. Rollins - Page 19

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               Section 497510, enacted by section 2003(a) of ERISA ‘74,               
          imposes taxes on a disqualified person who participates in a                




               10 Sec. 4975 provides, in pertinent part, as follows:                  
               SEC. 4975. TAX ON PROHIBITED TRANSACTIONS.                             
                    *      *      *      *      *      *      *                       
                    (c)  Prohibited Transaction.--                                    
                         (1)  General rule.--For purposes of this                     
                    section, the term “prohibited transaction”                        
                    means any direct or indirect--                                    
                              (A) sale or exchange, or leasing,                       
                         of any property between a plan and a                         
                         disqualified person;                                         
                              (B) lending of money or other                           
                         extension of credit between a plan                           
                         and a disqualified person;                                   
                              (C) furnishing of goods, services,                      
                         or facilities between a plan and a                           
                         disqualified person;                                         
                              (D) transfer to, or use by or for                       
                         the benefit of, a disqualified person of                     
                         the income or assets of a plan;                              
                              (E) act by a disqualified person who                    
                         is a fiduciary whereby he deals with the                     
                         income or assets of a plan in his own                        
                         interest or for his own account; or                          
                              (F) receipt of any consideration for                    
                         his own personal account by any disqualified                 
                         person who is a fiduciary from any party                     
                         dealing with the plan in connection with a                   
                         transaction involving the income or assets of the            
                         plan.                                                        
                                                                                     




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Last modified: May 25, 2011