Lee Eng'g Supply Co. v. Commissioner
United States Tax Court
In 1985, P, a corporation, decided to terminate its defined benefit pension plan (pension plan). P did not make a contribution required under the minimum funding provisions of sec. 412, I.R.C., by Oct. 15, 1985. Held: P's pension plan had an accumulated funding deficiency in FYE 1985 subject to the 5-percent excise tax under sec. 4971, I.R.C.D.J. Lee, M.D., Inc. v. Commissioner, 92 T.C. 291, 300 (1989), affd. 931 F.2d 418 (6th Cir. 1991), followed.
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In 1985, P, a corporation, decided to terminate its defined benefit pension plan (pension plan). P did not make a contribution required under the minimum funding provisions of sec. 412, I.R.C., by Oct. 15, 1985. Held: P's pension plan had an accumulated funding deficiency in FYE 1985 subject to the 5-percent excise tax under sec. 4971, I.R.C.D.J. Lee, M.D., Inc. v. Commissioner, 92 T.C. 291, 300 (1989), affd. 931 F.2d 418 (6th Cir. 1991), followed. At the time P terminated its pension plan in FYE 1987, the plan's assets exceeded the plan's liabilities by $ 16,241, which amount P transferred…
1Opinion of the Court
OPINION
Hamblen, Chief Judge:
This case was assigned to Special Trial Judge Francis J. Cantrel pursuant to section 7443A(b)(3) and Rules 180, 181, and 182.1 The Court agrees with and adopts the opinion of the Special Trial Judge set forth below.
OPINION OF THE SPECIAL TRIAL JUDGE
Cantrel, Special Trial Judge:
By statutory notice of deficiency dated July 10, 1990, respondent determined deficiencies in and additions to Lee Engineering Supply Co., Inc.’s (petitioner) Federal excise taxes for taxable years ended January 31, 1985 (fye 1985), and January 31, 1987 (fye 1987), as follows:
Additions to tax
Ye…
2Cases cited7 opinions
- Stubbs, Overbeck & Associates, Inc. v. United StatesCourt of Appeals for the Fifth Circuit · 1971
- Estate of Young v. CommissionerUnited States Tax Court · 1983
- Estate of Rosenberg v. CommissionerUnited States Tax Court · 1980
- D.J. Lee, M.D., Inc. v. CommissionerUnited States Tax Court · 1989
- International Union, United Automobile, Aerospace and Agricultural Implement Workers of America, Uaw v. Keystone Consolidated Industries, Inc.Court of Appeals for the Seventh Circuit · 1986
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3Cited by5 opinions
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- Lee Eng'g Supply Co. v. CommissionerUnited States Tax Court · 1993