Lozano, Inc. v. Commissioner
United States Tax Court
P's board of directors authorized a contribution to its profit-sharing trust before the close of the year in issue, although no record was made of such action. The contribution was paid within the statutory grace period provided in sec. 404(a)(6), I.R.C. 1954. Held, under the circumstances, P incurred an accruable liability during the year in issue and is entitled to deduct such contribution for such year.
1Opinion of the Court
Simpson, Judge:
The Commissioner determined a deficiency of $9,376 in the petitioner’s Federal corporate income taxes for its taxable year ending November 30, 1971. The sole issue for decision is whether the petitioner properly accrued, during the year in issue, a contribution to its'profit-sharing plan.
FINDINGS OF FACT
Some of the facts have been stipulated, and those facts are so found.
The petitioner, Lozano, Inc. (Lozano), is a California corporation with its principal place of business in Mountain View, Calif. It filed a Federal corporate income tax return for its 1971 taxable year with the…
2Cases cited18 opinions
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