Rose Packing Co. v. Commissioner
United States Tax Court
Petitioner amended its pension plan and trust in 1949 so as to exclude hourly paid employees from benefits for services after 1949. The rights of such persons then became vested and nonforfeitable. In late 1949 petitioner was informed that it had failed to make increased contributions required by virtue of increases in pay of employees, including those on hourly pay.
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Petitioner amended its pension plan and trust in 1949 so as to exclude hourly paid employees from benefits for services after 1949. The rights of such persons then became vested and nonforfeitable. In late 1949 petitioner was informed that it had failed to make increased contributions required by virtue of increases in pay of employees, including those on hourly pay. The additional amount necessary to raise the value of the benefits payable to hourly paid employees to the proper level was determined in 1950, and that amount paid to the trustees. Each hourly paid employee was entitled to the…
1Opinion of the Court
OPINION.
FORRESTER, Judge:
Respondent has determined a deficiency in petitioner’s income tax for the taxable year 1950 in the amount of $1,961.94. Petitioner challenges the entire deficiency so determined, and claims an overpayment in the amount of $2,559.30. The sole issue is whether a certain payment by petitioner in 1950 in the amount of $11,110.51 is deductible in full as claimed by petitioner or, as determined by respondent, is deductible to the extent of one-tenth thereof in 1950 in accordance with the provisions of section 23 (p) (1) (A) of the Internal Revenue Code of 1939.1
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2Cases cited4 opinions
- Tavannes Watch Co. v. Commissioner of Internal Rev.Court of Appeals for the Second Circuit · 1949
- Perkins v. CommissionerUnited States Tax Court · 1956
- William M. Bailey Co. v. CommissionerUnited States Tax Court · 1950
- Philadelphia Suburban Transp. Co. v. SmithDistrict Court, E.D. Pennsylvania · 1952
3Cited by6 opinions
- Estate of Weisberger v. CommissionerUnited States Tax Court · 1957
- Texas Instruments, Inc. v. United StatesDistrict Court, N.D. Texas · 1976
- Barbourville Brick Co. v. CommissionerUnited States Tax Court · 1961
- Barbourville Brick Co. v. CommissionerUnited States Tax Court · 1961
- Estate of Weisberger v. CommissionerUnited States Tax Court · 1957
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