Catawba Industrial Rubber Co. v. Commissioner
United States Tax Court
Petitioner is an accrual basis taxpayer with a fiscal year ending Apr. 30. On Apr. 25, 1972, petitioner's directors approved a proposed profit-sharing plan and authorized the creation of a trust to administer the plan.
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Petitioner is an accrual basis taxpayer with a fiscal year ending Apr. 30. On Apr. 25, 1972, petitioner's directors approved a proposed profit-sharing plan and authorized the creation of a trust to administer the plan. A plan and trust agreement were executed on June 14, 1972, and petitioner's first contribution to the trust was made on July 13, 1972. Respondent subsequently ruled that the trust was qualified under sec. 401(a), I.R.C. 1954. Held, a qualified profit-sharing trust was not in existence in petitioner's fiscal year 1972. Held, further, petitioner's contribution to the trust made…
1Opinion of the Court
Catawba Industrial Rubber Co., Inc., Petitioner v. Commissioner of Internal Revenue, Respondent
Catawba Industrial Rubber Co. v. Commissioner
Docket No. 4046-74
United States Tax Court
64 T.C. 1011; 1975 U.S. Tax Ct. LEXIS 70;
September 9, 1975, Filed
Decision will be entered for the respondent.
Petitioner is an accrual basis taxpayer with a fiscal year ending Apr. 30. On Apr. 25, 1972, petitioner's directors approved a proposed profit-sharing plan and authorized the creation of a trust to administer the plan. A plan and trust agreement were executed on June 14, 1972, and petitioner's first…
2Cases cited10 opinions
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- United States v. AndersonSupreme Court of the United States · 1926
- Aero Rental v. CommissionerUnited States Tax Court · 1975
- Tavannes Watch Co. v. Commissioner of Internal Rev.Court of Appeals for the Second Circuit · 1949
- 555, Inc. v. CommissionerUnited States Tax Court · 1950
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