Laserfiche WebLink
DocuSign Envelope ID: D733A3F0-EC57-49D6-A4C4-7A15E4E44C25 <br />Section 7. That new Section 128.03(bb), Definitions, of the Lakewood Codified <br />Ordinances, is hereby enacted to read as follows: <br />128.03 DEFINITIONS. <br />(bb) "PENSION" means <br />a <br />retirement benefit plan, regardless of whether the plan satisfies the qualification described under <br />section 401(a) of the Internal Revenue Code, excluding employee contributions and elective <br />deferrals, and regardless of whether such amounts are paid in the same taxable year in which the <br />amounts are included in the employee's' wages, as defined by section 3121(a) of the Internal <br />Revenue Code. <br />Section 8. That Section 128.03(hh), Definitions, of the Lakewood Codified Ordinances, <br />currently reading as follows: <br />128.03 DEFINITIONS. <br />(hh) "RELATED ENTITY" means any of the following: <br />(1) An individual stockholder, or a member of the stockholder's family enumerated in section <br />318 of the Internal Revenue Code, if the stockholder and the members of the stockholder's family <br />own directly, indirectly, beneficially, or constructively, in the aggregate, at least fifty per cent of the <br />value of the taxpayer's outstanding stock; <br />(2) A stockholder, or a stockholder's partnership, estate, trust, or corporation, if the stockholder <br />and the stockholder's partnerships, estates, trusts, or corporations own directly, indirectly, <br />beneficially, or constructively, in the aggregate, at least fifty per cent of the value of the taxpayer's <br />outstanding stock; <br />(3) A corporation, or a party related to the corporation in a manner that would require an <br />attribution of stock from the corporation to the party or from the party to the corporation under <br />division (hh)(4) of this section, provided the taxpayer owns directly, indirectly, beneficially, or <br />constructively, at least fifty per cent of the value of the corporation's outstanding stock; <br />(4) The attribution rules described in section 318 of the Internal Revenue Code apply for the <br />purpose of determining whether the ownership requirements in divisions (hh)(1) to (3) of this section <br />have been met. <br />is hereby repealed. <br />Section 9. That new Section 128.03(hh) Definitions, of the Lakewood Codified <br />Ordinances, is hereby enacted to read as follows: <br />128.03 DEFINITIONS. <br />(hh) "RELATED ENTITY" means any of the following: <br />(1) An individual stockholder, or a member of the stockholder's family enumerated in section <br />318 of the Internal Revenue Code, if the stockholder and the members of the stockholder's family <br />