Gallade v. Commissioner
United States Tax Court
C, P's wholly owned corporation, operated a pension plan in which P participated. Because of C's poor financial disposition, P executed a "waiver", to assign his fully vested, accrued benefits to C. Due to the waiver, P did not report any taxable distribution.
Read the full summary
C, P's wholly owned corporation, operated a pension plan in which P participated. Because of C's poor financial disposition, P executed a "waiver", to assign his fully vested, accrued benefits to C. Due to the waiver, P did not report any taxable distribution. R determined that P's waiver was an impermissible attempt to assign or alienate his benefits in violation of sec. 206(d)(1) of ERISA and sec. 401(a)(13), I.R.C. 1. Held: P received a taxable distribution. 2. Held, further, the distribution was received by P in 1986. 3. Held, further, R abused her discretion by failing to waive the…
1Opinion of the Court
ALFRED E. GALLADE, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Gallade v. Commissioner
Docket Nos. 791-94, 792-94.
United States Tax Court
106 T.C. 355; 1996 U.S. Tax Ct. LEXIS 21; 106 T.C. No. 20; 20 Employee Benefits Cas. (BNA) 1225;
May 28, 1996, Filed
Decision will be entered under Rule 155.
C, P's wholly owned corporation, operated a pension plan in which P participated. Because of C's poor financial disposition, P executed a "waiver", to assign his fully vested, accrued benefits to C. Due to the waiver, P did not report any taxable distribution. R determined that P's waiver was…
2Cases cited27 opinions
- Lucas v. EarlSupreme Court of the United States · 1930
- Guidry v. Sheet Metal Workers National Pension FundSupreme Court of the United States · 1990
- Pallottini v. CommissionerUnited States Tax Court · 1988
- Mailman v. CommissionerUnited States Tax Court · 1988
- James Karr and Nancy L. Karr v. Commissioner of Internal RevenueCourt of Appeals for the Eleventh Circuit · 1991
22 more not listed; retrieve them via the Exa API.