In PLR 201033008 (released August 20), the IRS ruled that in a merger transaction, the executive officers of a public company are not "covered employees" subject to the $1 million limit on deductible compensation because the compensation paid to the individuals was not reportable to the SEC for the short tax year that ended with the merger. This is consistent with the position previously taken by the IRS in PLR 200945010 and PLR 200951006. Under Section 162(m) of the Internal Revenue Code, a corporation has no covered employees unless the corporation has officers whose compensation is reported in a "summary compensation table" under the SEC's compensation disclosure rules for the year of the transaction.