12 2 STA T .3804PUBLIC LA W 110 – 343 —O CT. 3 , 2008 byanemplo ye ru n d er th e pro g ram de sc r i bed in clause ( i ) are through 1 or more direct purchases ( w ithin the meaning o f section 11 3 (c) of the E mergency Eco - nomic S tabili z ation A ct of 20 0 8 ) , such assets shall not be ta k en into account under clause (i) in determining whether the employer is an applicable employer for purposes of this paragraph .‘ ‘(iii) A G G RE G ATION R UL E S . —T wo or more persons who are treated as a single employer under subsection (b) or (c) of section 4 14 shall be treated as a single employer, e x cept that in applying section 1 56 3(a) for purposes of either such subsection, paragraphs (2) and (3) thereof shall be disregarded. ‘‘( C )A P PLI C A B LE TA X ABLE Y EAR.— F or purposes of this paragraph, the term ‘applicable taxable year ’ means, with respect to any employer— ‘‘(i) the first taxable year of the employer— ‘‘( I ) which includes any portion of the period during which the authorities under section 101(a) of the Emergency Economic Stabilization Act of 2008 are in effect (determined under section 120 thereof), and ‘‘(II) in which the aggregate amount of trou- bled assets ac q uired from the employer during the taxable year pursuant to such authorities (other than assets to which subparagraph ( B )(ii) applies), when added to the aggregate amount so acquired for all preceding taxable years, exceeds $ 300,000,000, and ‘‘(ii) any subsequent taxable year which includes any portion of such period. ‘‘( D )CO V ERE D EXECUTIVE.—For purposes of this para- graph— ‘‘(i) IN GENERAL.—The term ‘co v ered executive’ means, with respect to any applicable taxable year, any employee— ‘‘(I) who, at any time during the portion of the taxable year during which the authorities under section 101(a) of the Emergency Economic Stabilization Act of 2008 are in effect (determined under section 120 thereof), is the chief executive officer of the applicable employer or the chief finan- cial officer of the applicable employer, or an indi- vidual acting in either such capacity, or ‘‘(II) who is described in clause (ii). ‘‘(ii) H IG H EST CO M PENSATED EMPLOYEES.—An employee is described in this clause if the employee is 1 of the 3 highest compensated officers of the applicable employer for the taxable year (other than an individual described in clause (i)(I)), determined— ‘‘(I) on the basis of the shareholder disclosure rules for compensation under the Securities Exchange Act of 1 9 34 (without regard to whether those rules apply to the employer), and ‘‘(II) by only taking into account employees employed during the portion of the taxable year described in clause (i)(I).
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