555, Inc. v. Commissioner
United States Tax Court
Primarily for the purpose of encouraging and retaining its employees, petitioner's directors on September 29, 1943, passed a resolution appropriating not more than $ 37,000 establishing an employees' pension plan, and the same day a tentative trust agreement was executed. Both the resolution and the tentative trust agreement recite that the fund shall be consistent with regulations governing same.
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Primarily for the purpose of encouraging and retaining its employees, petitioner's directors on September 29, 1943, passed a resolution appropriating not more than $ 37,000 establishing an employees' pension plan, and the same day a tentative trust agreement was executed. Both the resolution and the tentative trust agreement recite that the fund shall be consistent with regulations governing same. On September 30, 1943, the close of the fiscal year, petitioner's employees were informed of this action. On November 27, 1943, petitioner mailed its check in the amount of $ 37,000 to the escrow…
1Opinion of the Court
OPINION.
Black, Judge:
The only question in this proceeding is whether petitioner is entitled to a deduction of $33,177.15 claimed by petitioner as a contribution to an employees’ pension trust in the taxable year ended September 30,1943.
Respondent contends that petitioner’s contribution is not deductible because: (1) it was not a contribution to a pension plan under section 23 (p) of the Internal Revenue Code, and (2) it was not a contribution paid to an employees’ trust exempt under section 165 (a) and in effect during the taxable year fended September 30, 1943. Petitioner contends that the…
2Cases cited6 opinions
- Surface Combustion Corp. v. CommissionerUnited States Tax Court · 1947
- Nolen v. HardenSupreme Court of Arkansas · 1884
- Times Publishing Co. v. CommissionerUnited States Tax Court · 1949
- Williams v. SmithSupreme Court of Arkansas · 1899
- Smith v. YoungbloodSupreme Court of Arkansas · 1900
1 more not listed; retrieve them via the Exa API.
3Cited by29 opinions
- Chesapeake Corp. of Virginia v. CommissionerUnited States Tax Court · 1951
- Engineered Timber Sales, Inc. v. CommissionerUnited States Tax Court · 1980
- Tallman Tool & Machine Corp. v. CommissionerUnited States Tax Court · 1956
- Thomas Trebotich and Jeanne Trebotich v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1974
- Wallace v. United StatesDistrict Court, E.D. Arkansas · 1968
24 more not listed; retrieve them via the Exa API.