Each member gets a share of the $1 million by what it paid
What the document says“the term `allocable limitation amount' means, with respect to any member of the controlled group referred to in subparagraph (A) with respect to any specified covered employee of such controlled group, the amount which bears the same ratio to $1,000,000 as--”
The section sets the allocable limitation amount for a group member as the share of $1,000,000 that matches the ratio of the pay that member gave the employee to the total pay all members gave that employee. A specified covered employee is one described in named subparagraphs of paragraph (3) for the publicly held corporation, or one who would be so described if the employees of all group members were counted. A controlled group is any group treated as a single employer under subsection (b), (c), (m) or (o) of section 414.
What the document actually says“the term `allocable limitation amount' means, with respect to any member of the controlled group referred to in subparagraph (A) with respect to any specified covered employee of such controlled group, the amount which bears the same ratio to $1,000,000 as--”
Each firm gets a share of the $1 million. The share matches what that firm paid.
The two figures that follow set the ratio. One is what that firm paid. The other is what all of them paid.
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