I-3 - Taxation Act

Section 1129.66.9 Disposition versions

2015-10-21

1129.66.9. In this Part,

“balance-due day” has the meaning assigned by section 1;

“employer” has the meaning assigned by section 1;

“excess profit sharing plan amount”, of a specified employee for a taxation year in respect of an employer, means the amount determined by the formula

A - (20% × B);

“profit sharing plan” has the meaning assigned by section 1;

“specified employee” has the meaning assigned by section 1;

“trust” has the meaning assigned by section 1.

In the formula in the definition of “excess profit sharing plan amount” in the first paragraph,

(a)  A is the portion of the aggregate of all amounts each of which is an amount paid by the employer of the specified employee (or by a corporation with which the employer does not deal at arm’s length) to a trust governed by a profit sharing plan that is allocated for the year to the specified employee; and

(b)  B is the specified employee’s income for the year from an office or employment with the employer computed under Chapters I and II of Title II of Book III of Part I, except Divisions V and VI of that Chapter II.

2015, c. 21, s. 523.