Chesapeake Corp. of Virginia v. Commissioner
United States Tax Court
1. Internal Revenue Code Section 23 (p) (1) (E). -- Within the year 1944 no steps were taken by the petitioner's officers, directors or stockholders toward the establishment of a retirement plan, except that information as to employees was furnished to an insurance company, and the petitioner's president approved in general a proposed plan submitted by the insurance company.
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1. Internal Revenue Code Section 23 (p) (1) (E). -- Within the year 1944 no steps were taken by the petitioner's officers, directors or stockholders toward the establishment of a retirement plan, except that information as to employees was furnished to an insurance company, and the petitioner's president approved in general a proposed plan submitted by the insurance company. Held, that the year 1944 was not the "year of accrual" under section 23 (p) (1) (E) and no deduction is allowable for that year for a group annuity premium paid within 60 days after the close of the year. 2. Annual Stock…
1Opinion of the Court
OPINION.
Aeundell, Judge:
There is no disagreement between the parties as to the deductibility, in some year, of the $100,000 paid by the petitioner in February 1945 to the Life Insurance Company of Virginia as the first premium under the group annuity policy issued on February 27, 1945. The pension plan in connection with which, the policy was issued has been ruled by the respondent to be a qualified plan, and the respondent does not contend that the cost exceeds the amount that is deductible under Internal Revenue Code section 28 (p) (1) (B) as representing “contributions paid by an employer…
2Cases cited5 opinions
- United States v. AndersonSupreme Court of the United States · 1926
- Lucas v. American Code Co.Supreme Court of the United States · 1930
- Security Flour Mills Co. v. CommissionerSupreme Court of the United States · 1944
- Helvering v. Russian Finance & Construction CorporationCourt of Appeals for the Second Circuit · 1935
- 555, Inc. v. CommissionerUnited States Tax Court · 1950
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- Jaffa v. United StatesDistrict Court, N.D. Ohio · 1961
- CONSUMERS WATER COMPANY v. United StatesDistrict Court, D. Maine · 1974
- Misceramic Tile, Inc. v. CommissionerUnited States Tax Court · 1968
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