qualified current retiree liabilities
Defined in 1 place of the United States Code.
The term “qualified current retiree liabilities” means, with respect to any taxable year, the aggregate amounts (including administrative expenses) which would have been allowable as a deduction to the employer for such taxable year with respect to applicable health benefits and applicable life insurance benefits provided during such taxable year if—
(i) such benefits were provided directly by the employer, and
(ii) the employer used the cash receipts and disbursements method of accounting.
Source
- 2013–present26 U.S.C. § 420Internal Revenue Code · Transfers of excess pension assets to retiree health accounts · for purposes of this section
The term "qualified current retiree liabilities" means, with respect to any taxable year, the aggregate amounts (including administrative expenses) which would have been allowable as a deduction to the employer for such taxable year with respect to applicable health benefits and applicable life insurance benefits provided during such taxable year if—
(i) such benefits were provided directly by the employer, and
(ii) the employer used the cash receipts and disbursements method of accounting.
For purposes of the preceding sentence, the rule of section 419(c)(3)(B) shall apply.
Source
- 2012–202326 U.S.C. § 420Internal Revenue Code · Transfers of excess pension assets to retiree health accounts · for purposes of this section