Definitions

For purposes of this subsection and subsection ( l )—

(A) Employee, employer, or owner-employee The terms “employee”, “employer”, and “owner-employee” shall have the respective meanings given such terms by section 401(c).

(B) Compensation Except as provided in paragraph (2)(C), the term “compensation” has the meaning given such term by section 414(s).

(C) Year The term “year” means— (i) the calendar year, or (ii) if the employer elects, subject to such terms and conditions as the Secretary may prescribe, to maintain the simplified employee pension on the basis of the employer’s taxable year.