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Is the applicant s proposal or Agency action likely to result in a change in the current land use patterns types of land use development densities etc 6. Does a demographic analysis indicate the applicant s proposal or Agency s action may disproportionately affect a significant minority and/or low-income populations If answer is no skip to item 12. If answer is yes continue with items 7 through 12. 7. Identify describe and provide location of EJ population 8. If a disproportionate adverse affec ...

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What is the tax on a prohibited transaction?

A disqualified person must pay an initial tax on a prohibited transaction of 15% of the amount involved for each year (or part of a year) in the taxable period. If the disqualified person does not correct the transaction within the taxable period, there is an additional tax of 100% of the amount involved.

What is the tax on prohibited transactions in a REIT?

There is a prohibited transaction safe harbor if a REIT sells fewer than 7 properties in a year and holds each property for more than 2 years. All potential sales transactions should be reviewed in order to consider potential issues. If a transaction is determined to be prohibited, then there is a 100% tax on the gain.

What is the code for a prohibited transaction?

Section 4975(c)(1)(D)2 defines a prohibited transaction to include any direct or indirect transfer to, or use by or for the benefit of, a disqualified person of the income or assets of a plan.

What is the penalty under IRC for a prohibited transaction?

If the transaction is not corrected within the taxable period, then an additional tax of 100% of the amount involved is imposed. This 100% tax can be avoided by correcting a prohibited transaction as soon as possible.

What is Section 4975 of the United States Internal Revenue Code of 1986?

There is hereby imposed a tax on each prohibited transaction. The rate of tax shall be equal to 15 percent of the amount involved with respect to the prohibited transaction for each year (or part thereof) in the taxable period.

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What is the prohibited transaction rule?

Prohibited transactions are certain transactions between a retirement plan and a disqualified person. If you are a disqualified person who takes part in a prohibited transaction, you must pay a tax.

What is the IRS ruling 2006 38?

Rul. 2006-38. Prohibited transactions; first tier excise tax calculations. This ruling describes how the amount involved is calculated with respect to the section 4975 prohibited transaction excise tax if an employer does not timely pay elective deferrals to a qualified plan.

Which penalty applies to prohibited transactions?

The Department of Labor (DOL), the agency responsible for enforcing the prohibited transaction rules under ERISA, can impose against the parties to the transaction a five percent civil penalty under ERISA Sec. 502(i) on the total dollar amount involved in the prohibited transaction.

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