§128 — Employer contributions to Trump accounts
17 cases·2 followed·1 distinguished·14 cited—12% support
Statute Text — 26 U.S.C. §128
Gross income of an employee does not include amounts paid by the employer as a contribution to the Trump account of such employee or of any dependent of such employee if the amounts are paid or incurred pursuant to a program which is described in subsection (c).
The amount which may be excluded under subsection (a) with respect to any employee shall not exceed $2,500.
In the case of any taxable year beginning after 2027, the $2,500 amount in paragraph (1) shall be increased by an amount equal to—
such dollar amount, multiplied by
the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins by substituting “calendar year 2026” for “calendar year 2016” in subparagraph (A)(ii) thereof.
If any increase determined under subparagraph (A) is not a multiple of $100, such increase shall be rounded to the next lowest multiple of $100.
For purposes of this section, a Trump account contribution program is a separate written plan of an employer for the exclusive benefit of his employees to provide contributions to the Trump accounts of such employees or dependents of such employees which meets requirements similar to the requirements of paragraphs (2), (3), (6), (7), and (8) of section 129(d).
17 Citing Cases
Accordingly, we hold that petitioners ma exclude $16,841.($28,.068 times 60 percent).
Accordingly, we hold that petitioners ma exclude $16,841.($28,.068 times 60 percent).
LGERS Article 3 ofchapter 128 ofthe General Statutes ofNorth Carolina establishes and governs LGERS, the retirement system for the State's counties, cities, and towns. LGERS is a defined benefit plan funded by employer and employee contributions. N.C. Gen. Stat. Ann. sec. 128-30 (Westlaw 2012). Under the plan, an employee with at least five years ofservice may retire on a disability retirement allowance upon medical certification ofincapacity for the further performance ofhis duties. R sec. 128-
826, a predecessor of section 216, establishes that Congress did not have any such intention: The general purpose of this provision [section 23(z) of the 1939 Code] is to place the tenant stockholders of a cooperative apartment in the same position as the owner of a dwelling house so far as deductions for interest and taxes are c
826. Section 23(z) was reenacted as section 216 of the Internal Revenue Code of 1954, ch. 736, 68A Stat. 730. The Senate Finance Committee report for the bill that became the Revenue Act of 1942 states in pertinent part: The bill provides for a new deduction in section 23(z) of taxes and interest paid or accrued by a tenant - 7
826. Section 23(z) was reenacted as section 216 of the Internal Revenue Code of 1954, ch. 736, 68A Stat. 730. The Senate Finance Committee report for the bill that became the Revenue Act of 1942 states in pertinent part: The bill provides for a new deduction in section 23(z) of taxes and interest paid or accrued by a tenant stock
798, 826, which added section 23(z) (the predecessor to section 216) to the Code, states: The definitions of the terms "cooperative apartment corporation" and "tenant-stockholder" prescribe certain standards which are designed to safeguard the revenue by assuring that the apartment corporations involved are bona fide cooperative