Section 409 can refer to different laws and regulations depending on the context:
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26 U.S. Code § 409: This section of the Internal Revenue Code outlines the qualifications for tax credit employee stock ownership plans (ESOPs). It includes provisions for the allocation of employer securities to participants accounts, nonforfeitable rights, and the treatment of amounts transferred to the plan in case of recapture or redetermination. If a plan fails to meet the requirements, it may be treated as having distributed the allocated amount to disqualified persons.
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26 U.S. Code § 409A: This section of the Internal Revenue Code addresses the inclusion of deferred compensation in gross income under nonqualified deferred compensation plans. It defines the term "covered employee" and provides rules for the timing of inclusion in gross income.
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India Code Section 409: This section of the Indian Penal Code deals with criminal breach of trust by a public servant, banker, merchant, or agent. It states that whoever, being entrusted with property or having dominion over property in their capacity as a public servant or in the course of their business, dishonestly misappropriates or converts that property to their own use shall be punished.
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SOX Section 409: This refers to Section 409 of the Sarbanes-Oxley Act, which aims to promote transparency for the public and investors in organizations' financial reporting. It requires companies to disclose information on material changes in their financial condition or operations in a timely manner.
