applicable severance from employment

(B)The term “applicable severance from employment” means any severance from employment of a covered executive— (i)by reason of an involuntary termination of the executive by the employer, or (ii)in connection with any bankruptcy, liquidation, or receivership of the employer. (C) (i)If a payment which is treated as a parachute payment by reason of this subsection is also a parachute payment determined without regard to this subsection, this subsection shall not apply to such payment. (ii)The Secretary may prescribe such guidance, rules, or regulations as are necessary— (I)to carry out the purposes of this subsection and the Emergency Economic Stabilization Act of 2008, including the extent to which this subsection applies in the case of any acquisition, merger, or reorganization of an applicable employer, (II)to apply this section andin cases where one or more payments with respect to any individual are treated as parachute payments by reason of this subsection, and other payments with respect to such individual are treated as parachute payments under this section without regard to this subsection, and (III)to prevent the avoidance of the application of this section through the mischaracterization of a severance from employment as other than an applicable severance from employment. (f)The Secretary shall prescribe such regulations as may be necessary or appropriate to carry out the purposes of this section (including regulations for the application of this section in the case of related corporations and in the case of personal service corporations).

Source

26 USC § 280G(e)(2)(B)


Scoping language

None: Default is title Scope
Is this correct? or