Legal Opinion
Dallas C. Wood v. Commissioner of Internal Revenue
Court of Appeals for the Fourth Circuit
Decided January 31, 1992No. 91-1717PublishedCited by 15 opinions
1Opinion of the Court
OPINION
NIEMEYER, Circuit Judge:
Section 4975 of the Internal Revenue Code imposes an excise tax on any “disqualified person” who participates in a “prohibited transaction” with a qualified defined benefit plan created under ERISA. We are presented with the question of whether the assignment of third-party promissory notes by a disqualified person to a plan in discharge of a funding obligation is a prohibited transaction. The Tax Court determined that it was not. The Commissioner of Internal Revenue appeals, viewing the transaction as a “sale or exchange” of property that is prohibited by 26…
2Cases cited10 opinions
- Udall v. TallmanSupreme Court of the United States · 1965
- Sorenson v. Secretary of the TreasurySupreme Court of the United States · 1986
- Commissioner v. LesterSupreme Court of the United States · 1961
- Charles W. Leigh and Ervin F. Dusek, Etc., and George Johnson, Intervening v. Clyde William EngleCourt of Appeals for the Seventh Circuit · 1984
- Donovan v. CunninghamCourt of Appeals for the Fifth Circuit · 1983
5 more not listed; retrieve them via the Exa API.
3Cited by15 opinions
- Commissioner v. Keystone Consolidated Industries, Inc.Supreme Court of the United States · 1993
- First Chicago Nbd Corporation v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1998
- Norwest Corp. v. Comm'rUnited States Tax Court · 1998
- Hofco, Inc. v. National Union Fire Insurance Co. of PittsburghSupreme Court of Iowa · 1992
- Riley v. MurdockDistrict Court, E.D. North Carolina · 1995
10 more not listed; retrieve them via the Exa API.