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ESOP Regulatory Rulings 1990-2012
by Corey Rosen
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You also may be interested in our related publication ESOP and 401(k) Plan Employer Stock Litigation Review 1990-2012, which categorizes court decisions in ESOP and 401(k) company stock cases from 1990 through mid-2012 and provides brief summaries for the ESOP-related decisions and, starting in 2010, most 401(k) cases.
Format: PDF, 21 pages
Publication date: August 2012
Status: Available for electronic delivery
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Banks and Thrift Institutions
Definition of Employer Securities
Distribution Requirements, Procedures, and Taxation
Eligibility, Vesting, and Allocation Issues
Federal Contractor Reimbursement
Leveraged ESOP Issues
Mergers and Reorganizations
PAYSOPs (Payroll-Based Stock Ownership Plans)
Pension Plan Reversions
S ESOP Corporation Anti-Abuse Rules
S Corporation Issues Other Than Anti-Abuse Rules
Sale of Stock to an ESOP (Including 1042 Issues)
Distribution TaxationNet unrealized appreciation. PLR 200509032 and PLR 200507016: Allowed employees to take net unrealized appreciation (NUA) in cases where corporate transactions resulted either in employer securities in one company being replaced with employer securities in another or where employer contributions of stock were sold, followed by an employee election to invest in employer stock.
Net unrealized appreciation. PLR 199919039: Ruled that distributions from an ESOP after a complex reorganization were eligible for net unrealized appreciation treatment.
Net unrealized appreciation. PLR 199931051: Ruled that shares in an ESOP transferred to a company's former subsidiary are still treatable as qualifying employer securities for purposes of eligibility for net unrealized appreciation.
Net unrealized appreciation. PLR 199928034 and PLR 9721036: Ruled that a participant who elects to roll over the cash portion of an ESOP into an IRA and sell the shares outside of the IRA can take net unrealized appreciation on the sale of the shares.
Averaging contribution bases. PLR 9147053: Ruled a company could use the average of the various bases for calculating the value of contributions to an ESOP for calculating net unrealized appreciation. The company, which had multiple subsidiaries, operated a KSOP with a complex system for using employee contributions, employer contributions, and earnings on shares to repay a loan.