Bianchi v. Commissioner
United States Tax Court
Petitioner-husband organized a corporation for his dental practice, which elected subch. S status. The corporation elected a first taxable year of 7 days during which it adopted a pension plan covering petitioner-husband and his dental assistant.
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Petitioner-husband organized a corporation for his dental practice, which elected subch. S status. The corporation elected a first taxable year of 7 days during which it adopted a pension plan covering petitioner-husband and his dental assistant. The corporation made its initial contribution to the plan covering the ensuing 12 months on the last day of its first (7-day) taxable year from funds lent to the corporation by petitioner secured by a demand, non-interest-bearing note. The deduction produced a net operating loss for the corporation which petitioners deducted on their return. Held,…
1Opinion of the Court
Goffe, Judge:
The Commissioner determined a deficiency in petitioners’ 1970 Federal income tax in the amount of $9,554.75 and addition to tax for the negligence penalty (sec. 6653(a), I.R.C. 1954) in the amount of $477.74. “Petitioner” shall hereinafter refer to petitioner Angelo J. Bianchi. The issues for decision are:(1) Whether petitioner’s wholly owned subchapter S corporation, on its initial income tax return for its first taxable year of 7 days, may deduct the full amount of its initial contribution to its pension plan providing pension plan benefit coverage to petitioner and one…
2Cases cited19 opinions
- Botany Worsted Mills v. United StatesSupreme Court of the United States · 1929
- Burnet v. ClarkSupreme Court of the United States · 1932
- Dalton v. BowersSupreme Court of the United States · 1932
- Lucas v. Ox Fibre Brush Co.Supreme Court of the United States · 1930
- Charles Oran Mensik and Mary Mensik v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1964
14 more not listed; retrieve them via the Exa API.
3Cited by23 opinions
- Foglesong v. CommissionerUnited States Tax Court · 1981
- La Mastro v. CommissionerUnited States Tax Court · 1979
- White v. CommissionerDistrict Court, D. Colorado · 1982
- Curtis v. CommissionerUnited States Tax Court · 1994
- Sellers v. CommissionerUnited States Tax Court · 1977
18 more not listed; retrieve them via the Exa API.