Fuller v. Commissioner
United States Tax Court
Petitioner-husband participated in two taxqualified employees' plans and was the sole owner of the sponsoring employer. On March 3, 1975, the plans' tax-exempt trusts transferred a total of $39,000 to petitioner-husband. Held: The March 3, 1975, transfers were bona fide loans, and not distributions by the trusts (sec. 402(a)(1)). Held further: Respondent failed to prove that the debts arising from the loans were discharged in 1975 (sec. 61(a)(12)).
1Opinion of the Court
JACK FULLER AND BEVERLY FULLER, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Fuller v. Commissioner
Docket No. 12195-77.
United States Tax Court
T.C. Memo 1980-370; 1980 Tax Ct. Memo LEXIS 217; 40 T.C.M. (CCH) 1184; T.C.M. (RIA) 80370;
September 10, 1980, Filed
Petitioner-husband participated in two taxqualified employees' plans and was the sole owner of the sponsoring employer. On March 3, 1975, the plans' tax-exempt trusts transferred a total of $39,000 to petitioner-husband.
Held: The March 3, 1975, transfers were bona fide loans, and not distributions by the trusts (sec.…
2Cases cited5 opinions
- Key Buick Co. v. CommissionerUnited States Tax Court · 1977
- Key Buick Company v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1980
- H. B. Zachry Co. v. CommissionerUnited States Tax Court · 1967
- Thompson v. CommissionerUnited States Tax Court · 1980
- Steven M. Kipperman and Stephanie Kipperman v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1980