key person
Defined in 1 place of the United States Code.
For purposes of paragraph (1), the term “key person” means an officer or 20-percent owner, except that the number of individuals who may be treated as key persons with respect to any taxpayer shall not exceed the greater of—
(A) 5 individuals, or
(B) the lesser of 5 percent of the total officers and employees of the taxpayer or 20 individuals.
Source
- 1996–present26 U.S.C. § 264Internal Revenue Code · Certain amounts paid in connection with insurance contracts · in this section