Wilson v. Commissioner
United States Tax Court
In 1957 petitioner Charles Wilson retired from the employ of Triad Oil Company. Upon his retirement, Triad purchased a single-premium, no-refund annuity for petitioner. The annuity provided for payments of $ 50 per month to petitioner for his life. The annuity provided for assignment.
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In 1957 petitioner Charles Wilson retired from the employ of Triad Oil Company. Upon his retirement, Triad purchased a single-premium, no-refund annuity for petitioner. The annuity provided for payments of $ 50 per month to petitioner for his life. The annuity provided for assignment. Held: 1. Petitioner's rights under the annuity contract were nonforfeitable within the meaning of section 403(c), I.R.C. 1954. 2. On the facts presented, petitioner has not demonstrated that as applied to him section 403(c), I.R.C. 1954, is unconstitutional. 3. The amount paid by petitioner's employer for the…
1Opinion of the Court
Beuge, Judge:
Respondent bas determined a deficiency in income tax for the year 1957 in tbe amount of $1,716.50.
The primary issue herein is whether the amount paid for an annuity for petitioner by his employer is includable in petitioners’ gross income for the year 1957. The resolution of this issue depends upon (1) whether petitioner Charles Wilson’s rights in the annuity contract were nonforfeitable within the meaning of section 403 (c), I.R.C. 1954, and (2) whether section 403(c), I.R.C. 1954, as applied herein, denies due process of law to petitioner in violation of the fifth amendment to…
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