Hockaden & Associates, Inc. v. Commissioner
United States Tax Court
P obtained certain loans from its tax-exempt employee profit-sharing plan prior to Jan. 1, 1975, and the loans remained outstanding after that date. Held, P is liable for the excise taxes imposed by sec. 4975, I.R.C. 1954, with respect to such loans. Held, further, sec. 4975, as applied to P's loans, does not constitute an ex post facto law.
1Opinion of the Court
OPINION
Cohen, Judge:
Respondent determined that petitioner is liable for excise taxes under section 4975(a)1 as follows:
TYE Aug. 31— Amount
1979. $498
1980. 1,162
1981. 1,724
Respondent also determined that an additional tax is due from petitioner under section 4975(b) in the amount of $120,876. The issues for decision are as follows: (1) Whether the excise taxes on prohibited transactions imposed by section 4975 apply to the balances outstanding during the years in issue on certain pre-1975 loans to petitioner from an employee profit-sharing plan established by petitioner, and (2) if so, whether…
2Cases cited11 opinions
- Chicago & Alton Railroad v. TranbargerSupreme Court of the United States · 1915
- Freund v. Marshall & Ilsley BankDistrict Court, W.D. Wisconsin · 1979
- Samuels v. McCurdySupreme Court of the United States · 1925
- Alton F. Martin v. Bankers Trust Company, Trustee Diversified Corporate Services, Inc., Administrator, and Tom's Foods, Ltd.Court of Appeals for the Fourth Circuit · 1977
- Morgan v. Laborers Pension Trust Fund for N. Cal.District Court, N.D. California · 1977
6 more not listed; retrieve them via the Exa API.
3Cited by11 opinions
- Solowiejczyk v. CommissionerUnited States Tax Court · 1985
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- Janpol v. CommissionerUnited States Tax Court · 1993
- Hockaden and Associates, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1986
- Blohm v. CommissionerUnited States Tax Court · 1991
6 more not listed; retrieve them via the Exa API.