nonallocation year
Defined in 1 dictionary — U.S. Code
United States Code
26 U.S.C. § 409 — for purposes of this section
The term “nonallocation year” means any plan year of an employee stock ownership plan if, at any time during such plan year—
(i) such plan holds employer securities consisting of stock in an S corporation, and
(ii) disqualified persons own at least 50 percent of the number of shares of stock in the S corporation.