applicable employer securities

Defined in 1 dictionary — U.S. Code

United States Code

26 U.S.C. § 404 — under this chapter (6 versions over time)

For purposes of this subsection, the term “applicable employer securities” means, with respect to any dividend, employer securities which are held on the record date for such dividend by an employee stock ownership plan which is maintained by—

(A) the corporation paying such dividend, or

(B) any other corporation which is a member of a controlled group of corporations (within the meaning of section 409(l)(4)) which includes such corporation.