Abstract
The tax reform legislation brought new IRC § 4960, which imposes a 21 percent excise tax on an applicable tax‐exempt organization, with the tax base consisting of the remuneration paid (other than an excess parachute payment) by the organization for a year with respect to the employment of a covered employee that is in excess of $1 million, plus the amount of any excess parachute payment paid by the organization to a covered employee.
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