Sherwood Swan & Co. v. Commissioner
United States Tax Court
The petitioner was created in 1943 under a trust agreement which, as amended, provided that the employer-party to the agreement would make annual contributions to the petitioner, if the employer's annual income after all charges, including reserves for taxes, exceeded 10 percent of the combined capital and surplus of the employer.
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The petitioner was created in 1943 under a trust agreement which, as amended, provided that the employer-party to the agreement would make annual contributions to the petitioner, if the employer's annual income after all charges, including reserves for taxes, exceeded 10 percent of the combined capital and surplus of the employer. Such contributions were to be in an amount equal to one-third of such excess income, except that in no event would the contribution for any year exceed 15 percent of the total compensation otherwise paid or payable by the employer for such year to the beneficiaries…
1Opinion of the Court
Withey, Judge:
Deficiencies in the income tax of petitioner for the fiscal years ended March 31, 1959, 1960, and 1961, in the respective amounts of $1,084.28, $1,355.62, and $1,114.87 have been determined by the Commissioner.
The sole issue for decision is whether, during such fiscal years, petitioner was a qualified profit-sharing trust under section 401 (a), I.E.C. 1954.
FINDINGS OF FACT
All of the facts of record have been agreed upon and are found as stipulated.
Sherwood Swan & Co., hereinafter referred to as the company, is a California corporation which carried on a grocery and department…
2Cases cited4 opinions
- Time Oil Company v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1958
- Ryan School Retirement Trust v. CommissionerUnited States Tax Court · 1955
- Lincoln Electric Co. Employees' Profit-Sharing Trust v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1951
- Lincoln Electric Co. Employees' Profit-Sharing Trust v. CommissionerUnited States Tax Court · 1950
3Cited by22 opinions
- Lansons, Inc. v. CommissionerUnited States Tax Court · 1978
- Greenwald v. CommissionerUnited States Tax Court · 1965
- Pulver Roofing Co. v. CommissionerUnited States Tax Court · 1978
- Wisconsin Nipple & Fabricating Corp. v. CommissionerUnited States Tax Court · 1976
- Myron v. United StatesDistrict Court, C.D. California · 1974
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