Baetens v. Commissioner
United States Tax Court
In July 1977, petitioner received a distribution from a profit-sharing trust of the total amount credited to his account. He rolled over the entire amount into an IRA.
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In July 1977, petitioner received a distribution from a profit-sharing trust of the total amount credited to his account. He rolled over the entire amount into an IRA. The distribution was attributable solely to employer contributions in years when the trust was exempt from tax under sec. 501(a), I.R.C. 1954. In 1979, respondent retroactively revoked the trust's exempt status effective Mar. 31, 1974. Held, petitioner is entitled to roll over the distribution into an IRA under sec. 402(a)(5), I.R.C. 1954, because the distribution is attributable to contributions made in years the trust was…
1Opinion of the Court
OPINION
Parker, Judge:
Respondent determined a deficiency in petitioners’ 1977 Federal income tax in the amount of $7,239.16. The sole issue for decision is whether a 1977 distribution from a profit-sharing trust may be rolled over tax free into an individual retirement account pursuant to section 402(a)(5).1
This case was submitted fully stipulated and the stipulated facts are so found. The stipulation and the exhibits attached thereto are incorporated herein by this reference.
Petitioners Theodore L. and Joyce R. Baetens resided in Grosse Pointe Woods, Mich., at the time they filed their…
2Cases cited19 opinions
- Larry Bonner v. City of Prichard, AlabamaCourt of Appeals for the Eleventh Circuit · 1981
- Jack E. Golsen and Sylvia H. Golsen v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1971
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- Bingler v. JohnsonSupreme Court of the United States · 1969
- United States v. CartwrightSupreme Court of the United States · 1973
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