The reassured weasel scans a conjecture behind a clipped weekday.

 

22504 737-2K9 Nicon Airways 28/09/1981 5N-BEY Stored

 

have the servers crashed yet?

 

WSSS = SIN

 

'Bento'


tulip names brought to you by:

Project AMSterSAM

 

Epic historical novel by Leo Tolstoy, originally published as Voyna i mir in 1865-69. This panoramic study of early 19th-century Russian society, noted for its mastery of realistic detail and variety of psychological analysis, is generally regarded as one of the world's greatest novels. War and Peace is primarily concerned with the histories of five aristocratic families--particularly the Bezukhovs, the Bolkonskys, and the Rostovs--the members of which are portrayed against a vivid background of Russian social life during the war against Napoleon (1805-14). The theme of war, however, is subordinate to the story of family existence, which involves Tolstoy's optimistic belief in the life-asserting pattern of human existence. The heroine, Natasha Rostova, for example, reaches her greatest fulfillment through her marriage to Pierre Bezukhov and her motherhood. The novel also sets forth a theory of history, concluding that there is a minimum of free choice; all is ruled by an inexorable historical determinism.

 

Sounds like a keeper!

§ 423. Employee stock purchase plans

How Current is This?
(a) General rule
Section 421 (a) shall apply with respect to the transfer of a share of stock to an individual pursuant to his exercise of an option granted after December 31, 1963, under an employee stock purchase plan (as defined in subsection (b)) if—
(1) no disposition of such share is made by him within 2 years after the date of the granting of the option nor within 1 year after the transfer of such share to him; and
(2) at all times during the period beginning with the date of the granting of the option and ending on the day 3 months before the date of such exercise, he is an employee of the corporation granting such option, a parent or subsidiary corporation of such corporation, or a corporation or a parent or subsidiary corporation of such corporation issuing or assuming a stock option in a transaction to which section 424 (a) applies.
(b) Employee stock purchase plan
For purposes of this part, the term “employee stock purchase plan” means a plan which meets the following requirements:
(1) the plan provides that options are to be granted only to employees of the employer corporation or of its parent or subsidiary corporation to purchase stock in any such corporation;
(2) such plan is approved by the stockholders of the granting corporation within 12 months before or after the date such plan is adopted;
(3) under the terms of the plan, no employee can be granted an option if such employee, immediately after the option is granted, owns stock possessing 5 percent or more of the total combined voting power or value of all classes of stock of the employer corporation or of its parent or subsidiary corporation. For purposes of this paragraph, the rules of section 424 (d) shall apply in determining the stock ownership of an individual, and stock which the employee may purchase under outstanding options shall be treated as stock owned by the employee;
(4) under the terms of the plan, options are to be granted to all employees of any corporation whose employees are granted any of such options by reason of their employment by such corporation, except that there may be excluded—
(A) employees who have been employed less than 2 years,
(B) employees whose customary employment is 20 hours or less per week,
(C) employees whose customary employment is for not more than 5 months in any calendar year, and
(D) highly compensated employees (within the meaning of section 414 (q));
(5) under the terms of the plan, all employees granted such options shall have the same rights and privileges, except that the amount of stock which may be purchased by any employee under such option may bear a uniform relationship to the total compensation, or the basic or regular rate of compensation, of employees, and the plan may provide that no employee may purchase more than a maximum amount of stock fixed under the plan;
(6) under the terms of the plan, the option price is not less than the lesser of—
(A) an amount equal to 85 percent of the fair market value of the stock at the time such option is granted, or
(B) an amount which under the terms of the option may not be less than 85 percent of the fair market value of the stock at the time such option is exercised;
(7) under the terms of the plan, such option cannot be exercised after the expiration of—
(A) 5 years from the date such option is granted if, under the terms of such plan, the option price is to be not less than 85 percent of the fair market value of such stock at the time of the exercise of the option, or
(B) 27 months from the date such option is granted, if the option price is not determinable in the manner described in subparagraph (A)
(8) under the terms of the plan, no employee may be granted an option which permits his rights to purchase stock under all such plans of his employer corporation and its parent and subsidiary corporations to accrue at a rate which exceeds $25,000 of fair market value of such stock (determined at the time such option is granted) for each calendar year in which such option is outstanding at any time. For purposes of this paragraph—
(A) the right to purchase stock under an option accrues when the option (or any portion thereof) first becomes exercisable during the calendar year;
(B) the right to purchase stock under an option accrues at the rate provided in the option, but in no case may such rate exceed $25,000 of fair market value of such stock (determined at the time such option is granted) for any one calendar year; and
(C) a right to purchase stock which has accrued under one option granted pursuant to the plan may not be carried over to any other option; and
(9) under the terms of the plan, such option is not transferable by such individual otherwise than by will or the laws of descent and distribution, and is exercisable, during his lifetime, only by him.
For purposes of paragraphs (3) to (9), inclusive, where additional terms are contained in an offering made under a plan, such additional terms shall, with respect to options exercised under such offering, be treated as a part of the terms of such plan.
(c) Special rule where option price is between 85 percent and 100 percent of value of stock
If the option price of a share of stock acquired by an individual pursuant to a transfer to which subsection (a) applies was less than 100 percent of the fair market value of such share at the time such option was granted, then, in the event of any disposition of such share by him which meets the holding period requirements of subsection (a), or in the event of his death (whenever occurring) while owning such share, there shall be included as compensation (and not as gain upon the sale or exchange of a capital asset) in his gross income, for the taxable year in which falls the date of such disposition or for the taxable year closing with his death, whichever applies, an amount equal to the lesser of—
(1) the excess of the fair market value of the share at the time of such disposition or death over the amount paid for the share under the option, or
(2) the excess of the fair market value of the share at the time the option was granted over the option price.
If the option price is not fixed or determinable at the time the option is granted, then for purposes of this subsection, the option price shall be determined as if the option were exercised at such time. In the case of the disposition of such share by the individual, the basis of the share in his hands at the time of such disposition shall be increased by an amount equal to the amount so includible in his gross income. No amount shall be required to be deducted and withheld under chapter 24 with respect to any amount treated as compensation under this subsection.

 

case in point.

 

I don't like the K prefixes.

This isn't a television or radio station!

 

22505 737-2K9 Magnicharters 04/11/1981 XA-MAF Active

 

time to clock in.

 

The soil puzzles against its hash!

 

= EWR

 

'Bep van Hoeken'


tulip names brought to you by:

Project AMSterSAM

 

§ 424. Definitions and special rules

How Current is This?
(a) Corporate reorganizations, liquidations, etc.
For purposes of this part, the term “issuing or assuming a stock option in a transaction to which section 424 (a) applies” means a substitution of a new option for the old option, or an assumption of the old option, by an employer corporation, or a parent or subsidiary of such corporation, by reason of a corporate merger, consolidation, acquisition of property or stock, separation, reorganization, or liquidation, if—
(1) the excess of the aggregate fair market value of the shares subject to the option immediately after the substitution or assumption over the aggregate option price of such shares is not more than the excess of the aggregate fair market value of all shares subject to the option immediately before such substitution or assumption over the aggregate option price of such shares, and
(2) the new option or the assumption of the old option does not give the employee additional benefits which he did not have under the old option.
For purposes of this subsection, the parent-subsidiary relationship shall be determined at the time of any such transaction under this subsection.
(b) Acquisition of new stock
For purposes of this part, if stock is received by an individual in a distribution to which section 305, 354, 355, 356, or 1036 (or so much of section 1031 as relates to section 1036) applies, and such distribution was made with respect to stock transferred to him upon his exercise of the option, such stock shall be considered as having been transferred to him on his exercise of such option. A similar rule shall be applied in the case of a series of such distributions.
(c) Disposition
(1) In general
Except as provided in paragraphs (2), (3), and (4), for purposes of this part, the term “disposition” includes a sale, exchange, gift, or a transfer of legal title, but does not include—
(A) a transfer from a decedent to an estate or a transfer by request or inheritance;
(B) an exchange to which section 354, 355, 356, or 1036 (or so much of section 1031 as relates to section 1036) applies; or
(C) a mere pledge or hypothecation.
(2) Joint tenancy
The acquisition of a share of stock in the name of the employee and another jointly with the right of survivorship or a subsequent transfer of a share of stock into such joint ownership shall not be deemed a disposition, but a termination of such joint tenancy (except to the extent such employee acquires ownership of such stock) shall be treated as a disposition by him occurring at the time such joint tenancy is terminated.
(3) Special rule where incentive stock is acquired through use of other statutory option stock
(A) Nonrecognition sections not to apply
If—
(i) there is a transfer of statutory option stock in connection with the exercise of any incentive stock option, and
(ii) the applicable holding period requirements (under section 422 (a)(1) or 423 (a)(1)) are not met before such transfer,
then no section referred to in subparagraph (B) of paragraph (1) shall apply to such transfer.
(B) Statutory option stock
For purpose of subparagraph (A), the term “statutory option stock” means any stock acquired through the exercise of an incentive stock option or an option granted under an employee stock purchase plan.
(4) Transfers between spouses or incident to divorce
In the case of any transfer described in subsection (a) of section 1041—
(A) such transfer shall not be treated as a disposition for purposes of this part, and
(B) the same tax treatment under this part with respect to the transferred property shall apply to the transferee as would have applied to the transferor.
(d) Attribution of stock ownership
For purposes of this part, in applying the percentage limitations of sections 422 (b)(6) and 423 (b)(3)—
(1) the individual with respect to whom such limitation is being determined shall be considered as owning the stock owned, directly or indirectly, by or for his brothers and sisters (whether by the whole or half blood), spouse, ancestors, and lineal descendants; and
(2) stock owned, directly or indirectly, by or for a corporation, partnership, estate, or trust, shall be considered as being owned proportionately by or for its shareholders, partners, or beneficiaries.
(e) Parent corporation
For purposes of this part, the term “parent corporation” means any corporation (other than the employer corporation) in an unbroken chain of corporations ending with the employer corporation if, at the time of the granting of the option, each of the corporations other than the employer corporation owns stock possessing 50 percent or more of the total combined voting power of all classes of stock in one of the other corporations in such chain.
(f) Subsidiary corporation
For purposes of this part, the term “subsidiary corporation” means any corporation (other than the employer corporation) in an unbroken chain of corporations beginning with the employer corporation if, at the time of the granting of the option, each of the corporations other than the last corporation in the unbroken chain owns stock possessing 50 percent or more of the total combined voting power of all classes of stock in one of the other corporations in such chain.
(g) Special rule for applying subsections (e) and (f)
In applying subsections (e) and (f) for purposes of section [1] 422(a)(2) and 423(a)(2), there shall be substituted for the term “employer corporation” wherever it appears in subsection (e) and (f) the term “grantor corporation” or the term “corporation issuing or assuming a stock option in a transaction to which section 424 (a) applies” as the case may be.
(h) Modification, extension, or renewal of option
(1) In general
For purposes of this part, if the terms of any option to purchase stock are modified, extended, or renewed, such modification, extension, or renewal shall be considered as the granting of a new option.
(2) Special rule for section 423 options
In the case of the transfer of stock pursuant to the exercise of an option to which section 423 applies and which has been so modified, extended, or renewed, the fair market value of such stock at the time of the granting of the option shall be considered as whichever of the following is the highest—
(A) the fair market value of such stock on the date of the original granting of the option,
(B) the fair market value of such stock on the date of the making of such modification, extension, or renewal, or
(C) the fair market value of such stock at the time of the making of any intervening modification, extension, or renewal.
(3) Definition of modification
The term “modification” means any change in the terms of the option which gives the employee additional benefits under the option, but such term shall not include a change in the terms of the option—
(A) attributable to the issuance or assumption of an option under subsection (a);
(B) to permit the option to qualify under section 423 (b)(9); or
(C) in the case of an option not immediately exercisable in full, to accelerate the time at which the option may be exercised.
(i) Stockholder approval
For purposes of this part, if the grant of an option is subject to approval by stockholders, the date of grant of the option shall be determined as if the option had not been subject to such approval.
(j) Cross references
For provisions requiring the reporting of certain acts with respect to a qualified stock option, an incentive stock option, options granted under employer stock purchase plans, or a restricted stock option, see section 6039.