By Robert A. Frisch
ISBN-10: 047122085X
ISBN-13: 9780471220855
ISBN-10: 0471426717
ISBN-13: 9780471426714
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Extra info for ESOP Workbook: The Ultimate Instru in Succession Planning
Sample text
44 27 Type of Qualified Replacement Property Selling Shareholder Might Contemplate Only stock of a private C-Corporation that has been owned by the seller for three years or more may be sold by the owner under IRC Section 1042. The shareholder selling under IRC Section 1042 must invest in qualified replacement property (QRP) within 3 months before or 12 months after the sale of the owner’s stock. As previously noted, in order to realize the tax benefits under Code Section 1042, the transaction must result in the ESOP owning 30 percent or more of the outstanding stock of the company.
3. 4. 5. 6. 7. ESOP Plan effective date: ____________ Type of Plan ________ Stock Bonus ________ Stock Bonus/Money Purchase If this type, what percent is contributed to Money Purchase? ____% For how many years? ____ Provision for leveraging? ) ____ Yes ____ No Is Company a ________ Sub “S” Corporation? ________ “C” Corporation? Company’s Fiscal Year End ________ ESOP Plan Year End ________ Participation rules: a. Minimum age to be a Participant in the ESOP ________ b. Minimum Years of Service to be a Participant ________ c.
Cash out stockholders not using IRC Section 1042. Make divestitures. Increase working capital by buying newly issued stock. Acquire other companies. Transfer equity to employees. Increase cashflow. Refinance existing debt. Make capital improvements. Establish cushion for contingencies. Other COLLATERAL REQUIREMENTS Companies often borrow money in order to acquire assets that would be anticipated to help them compete more advantageously and become more profitable as a result. Bank loans are more easily obtainable for such a purpose.
ESOP Workbook: The Ultimate Instru in Succession Planning by Robert A. Frisch
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