Lincoln Electric Co. Employees' Profit-Sharing Trust v. Commissioner
United States Tax Court
In December, 1941, the Lincoln Electric Co., pursuant to a resolution of its board of directors, established a trust for the benefit of 890 of its employees, which included most of its employees, and paid $ 1,000,000 to a trustee for the purposes of the trust. There was no provision for any future contributions to the trust and no formula for the sharing of any future profits and no further contribution was made.
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In December, 1941, the Lincoln Electric Co., pursuant to a resolution of its board of directors, established a trust for the benefit of 890 of its employees, which included most of its employees, and paid $ 1,000,000 to a trustee for the purposes of the trust. There was no provision for any future contributions to the trust and no formula for the sharing of any future profits and no further contribution was made. The trust was to continue for a term of 10 years, unless distribution of all the share interests pursuant to its terms had been fully completed prior thereto. Held, (1) the trust was…
1Opinion of the Court
The Lincoln Electric Company Employees' Profit-Sharing Trust, the Cleveland Trust Company, Trustee, Petitioner, v. Commissioner of Internal Revenue, Respondent
Lincoln Electric Co. Employees' Profit-Sharing Trust v. Commissioner
Docket No. 19262
United States Tax Court
14 T.C. 598; 1950 U.S. Tax Ct. LEXIS 226;
April 17, 1950, Promulgated
Decision will be entered for the respondent.
In December, 1941, the Lincoln Electric Co., pursuant to a resolution of its board of directors, established a trust for the benefit of 890 of its employees, which included most of its employees, and paid $ 1,000,000 to a…
Also in this document: Dissent.
2Cases cited10 opinions
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- Brewster v. GageSupreme Court of the United States · 1930
- Fawcus MacHine Co. v. United StatesSupreme Court of the United States · 1931
- Lincoln Electric Co. v. CommissionerUnited States Tax Court · 1946
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