Law Office of John H. Eggertsen P.C. v. Commissioner
United States Tax Court
During its taxable year 2005, P, an S corporation, maintained an employee stock ownership plan. R determined that 2005 was a "nonallocation year" within the meaning of I.R.C. sec. 409(p)(3)(A) with respect to that plan and that I.R.C. sec. 4979A imposes a Federal excise tax on P for that taxable year.
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During its taxable year 2005, P, an S corporation, maintained an employee stock ownership plan. R determined that 2005 was a "nonallocation year" within the meaning of I.R.C. sec. 409(p)(3)(A) with respect to that plan and that I.R.C. sec. 4979A imposes a Federal excise tax on P for that taxable year. Held: I.R.C. sec. 4979A(a) imposes a Federal excise tax on P for its taxable year 2005. Held, further, the period of limitations under I.R.C. sec. 4979A(e)(2)(D) for assessing that tax has expired.
1Opinion of the Court
OPINION
Chiechi, Judge:
Respondent determined a deficiency under section 4979A(a) 1 in, and an addition under section 6651(a)(1) to, petitioner’s Federal excise tax (excise tax) of $200,750 and $50,187.50, respectively, for petitioner’s taxable year 2005.
The issues remaining for decision for P’s taxable year 2005 are:(1) Does section 4979A(a) impose an excise tax on petitioner? We hold that it does.(2) Has the period of limitations under section 4979A(e)(2)(D) expired for assessing the excise tax that section 4979A(a) imposes on petitioner? We hold that it has.
Background
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2Cases cited4 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Borchers v. CommissionerUnited States Tax Court · 1990
- Richard J. Borchers Jane E. Borchers v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1991
- Stovall v. CommissionerUnited States Tax Court · 1993
3Cited by2 opinions
- Law Office of John H. Eggertsen P.C. v. Comm'rUnited States Tax Court · 2014
- Law Office of John H. Eggertsen P.C. v. CommissionerUnited States Tax Court · 2014