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securities acquisition loan

Defined in 1 place of the United States Code.

For purposes of this section, the term “securities acquisition loan” means—

(A) any loan to a corporation or to an employee stock ownership plan to the extent that the proceeds are used to acquire employer securities for the plan, or

(B) any loan to a corporation to the extent that, within 30 days, employer securities are transferred to the plan in an amount equal to the proceeds of such loan and such securities are allocable to accounts of plan participants within 1 year of the date of such loan.

Source

  • 1994–present26 U.S.C. § 133Internal Revenue Code · Repealed. Pub. L. 104188, title I, 1602(a), Aug. 20, 1996, 110 Stat. 1833] · for purposes of this section

The term “securities acquisition loan” shall include any loan which—

(A) is (or is part of a series of loans) used to refinance a loan described in subparagraph (A) or (B) of paragraph (1), and

(B) meets the requirements of paragraphs (2) and (3).

Source