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Effect of Severance Arrangements on the Performance-Based Compensation Exception to the $1 Million Deduction Limit
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November 6, 2009
Previously published on November 5, 2009
US Internal Revenue Service (IRS) Revenue Ruling 2008-13 (the "Ruling")...describes an incentive compensation arrangement that was generally intended to provide payment only if certain performance goals were attained, but also provided for payment by reason of an executive's involuntary termination of employment (which included termination by the company without cause and termination by the executive for good reason) or by reason of retirement, in each case without regard to satisfaction of the performance goals.
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