- 19 - 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.Page: Previous 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Next
Last modified: May 25, 2011