Epstein v. Commissioner
United States Tax Court
At the time a pension plan was being terminated, the base for calculating benefits to be distributed was changed to include bonuses in addition to salaries paid to covered employees. Held, such change caused such plan not to be qualified under sec. 401(a)(4), I.R.C. 1954. Held, further, the entire amount of benefits received by petitioner is taxable as ordinary income.
1Opinion of the Court
OPINION
Tannenwald, Judge:
Respondent determined a deficiency of $12,389 in petitioners’ 1971 Federal income tax. The sole issue for decision is whether an amount received upon the termination of a pension plan should be taxed as ordinary income or as a capital gain.
All of the facts have been stipulated and are found accordingly. The stipulation of facts and the exhibits attached thereto are incorporated herein by reference.
Perry Epstein (petitioner) and Mildred Epstein are husband and wife. They resided in Miami Beach, Fla., at the time the petitioner herein was filed.1
Luanep Corp. (formerly…
2Cases cited6 opinions
- City of New York v. SaperSupreme Court of the United States · 1949
- Harold D. Greenwald and Nana Greenwald, on Review v. Commissioner of Internal Revenue, on ReviewCourt of Appeals for the Second Circuit · 1966
- Bernard McMenamy Contractor, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1971
- Bernard McMenamy, Contractor, Inc. v. CommissionerUnited States Tax Court · 1970
- Greenwald v. CommissionerUnited States Tax Court · 1965
1 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Woodson v. CommissionerUnited States Tax Court · 1980
- Fazi v. CommissionerUnited States Tax Court · 1994
- Epstein v. CommissionerUnited States Tax Court · 1978
- Fazi v. CommissionerUnited States Tax Court · 1994
- Sturdivant v. CommissionerUnited States Tax Court · 1980
2 more not listed; retrieve them via the Exa API.