The IRS also determined that the assignment-of-income doctrine did not apply to the school district's plan because an employee could not voluntarily forgo future taxable income for consideration, and the plan contributions would not be a substitute for amounts the employee would otherwise receive as current compensation.
Employees accumulate unused sick leave from year to year and receive a lump-sum payment at retirement, representing the accumulated sick leave.
Should the second call option be exercised, the company expects to deliver to the financial institution up to 900,000 shares of common stock (subject to effectiveness of a registration statement covering the resale of the shares) and receive as
consideration, without deduction of underwriting fees, an amount per share equal to the strike price of the second call option.
In 1987, at age 80, she sold the remainder interest in the 470 preferred shares to Vaparo for $1,324,014, which she would receive as