Jones v. Commissioner
United States Tax Court
Petitioner had a fully vested interest in his employer's qualified profit-sharing plan. His employment was subsequently terminated for attempting to embezzle goods from his employer. As part of his plea bargaining arrangement, petitioner relinquished his entire interest in his former employer's profit-sharing plan and subsequently endorsed a lump-sum distribution from the profit-sharing trust back to his former employer.
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Petitioner had a fully vested interest in his employer's qualified profit-sharing plan. His employment was subsequently terminated for attempting to embezzle goods from his employer. As part of his plea bargaining arrangement, petitioner relinquished his entire interest in his former employer's profit-sharing plan and subsequently endorsed a lump-sum distribution from the profit-sharing trust back to his former employer. Held, petitioner must include in income the value of his fully vested interest in his former employer's profit-sharing plan. Secs. 402(a), 451, I.R.C. 1954.
1Opinion of the Court
Kermit Jones and Arogate Jones, Petitioners v. Commissioner of Internal Revenue, Respondent
Jones v. Commissioner
Docket No. 30232-81
United States Tax Court
82 T.C. 586; 1984 U.S. Tax Ct. LEXIS 85; 82 T.C. No. 46;
April 4, 1984, Filed
Decision will be entered for the respondent.
Petitioner had a fully vested interest in his employer's qualified profit-sharing plan. His employment was subsequently terminated for attempting to embezzle goods from his employer. As part of his plea bargaining arrangement, petitioner relinquished his entire interest in his former employer's profit-sharing plan and…
2Cases cited14 opinions
- Helvering v. HorstSupreme Court of the United States · 1940
- United States v. Skelly Oil Co.Supreme Court of the United States · 1969
- Winer v. Edison Bros. Stores Pension PlanCourt of Appeals for the Eighth Circuit · 1979
- Doyle v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1945
- Uhlenbrock v. CommissionerUnited States Tax Court · 1977
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