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1、AComprehensiveGuidetoESOPswww.crowehorwath.com2TableofContentsIntroduction...................................................................................2WhatisanESOP?...........................................................................3ESOPsasaCorporateFinanci
2、ngMechanism..................................4TheLegalStructureofESOPs.........................................................6ESOPTaxIncentivesandAccountingRules...................................15Formoreinformation,contactA.LoriStuartatlori.stuart@crowehorwath.comor6
3、14.280.5229.1IntroductionEmployeestockownershipplans(ESOPs),tax-qualifiedretirementplansthatinvestprimarilyinthesponsoringcompany’sstock,offerarangeofbenefitstotheownersofcloselyheldcompaniesandtotheiremployees.First,sinceESOPsinvestincompanystock,theycreateamarketforthe
4、sharesofdepartingowners.BysellingtoanESOP,ownersareable,undercertaincircumstances,todeferandevenavoidcapitalgainstaxesarisingfromthesale.Second,duetotheirabilitytoborrowmoneyforinvestmentpurposes,whichisuniqueamongretirementplans,ESOPsofferfinancingoptionstofacilitatepur
5、chasesfromdepartingowners.Additionally,ESOPsofferemployeesretirementbenefitsandanownershipstakeinthecompanyforwhichtheywork.WithouttheESOPoption,ownersofcloselyheld■ParticipatingemployeesreceivecompanycompanieswishingtosellalloraportionofsharesthroughtheESOPasaretirement
6、theirequityoftenfaceundesirableoptions.Ifthebenefit(ratherthanpurchasingthemdepartingownersellssharesbacktothecompanydirectly).Theypaytaxesonthebalancesthatitselfortoanothercompanyorindividual,theaccumulateintheESOPonlywhenthoseproceedsfromthesalewillbesubjecttotaxation.
7、balancesarewithdrawn,justaswithanytax-Inmanycases,thecompanymaynotpossessthequalifiedretirementplan.resourcestoredeemtheshares,andfindingan■Whiletypicallyusedtofinancebuyoutsofoutsidebuyerwillingtopayafairpricecanbeprivatelyheldcompanyowners,ESOPsdifficult–evenforaprofit
8、ablecompany.Finally,canalsousetheirborrowingpowertofundownersmayprefertoselltofamilymembersortopurchase
