Wood v. Commissioner
United States Tax Court
P contributed three third-party promissory notes to his defined benefit pension plan in order to meet P's funding obligation as calculated by his actuary. The provisions of the plan did not require cash contributions. Held, P's contribution of the third-party promissory notes to the plan was not a "sale or exchange" or a prohibited transaction within the meaning of sec. 4975(c), I.R.C., and is not subject to the excise tax imposed by sec. 4975(a) and (b).
1Opinion of the Court
Dallas C. Wood, Petitioner v. Commissioner of Internal Revenue, Respondent
Wood v. Commissioner
Docket No. 322-89
United States Tax Court
95 T.C. 364; 1990 U.S. Tax Ct. LEXIS 95; 95 T.C. No. 26; 12 Employee Benefits Cas. (BNA) 2442;
September 27, 1990, Filed
Decision will be entered for the petitioner.
P contributed three third-party promissory notes to his defined benefit pension plan in order to meet P's funding obligation as calculated by his actuary. The provisions of the plan did not require cash contributions. Held, P's contribution of the third-party promissory notes to the plan was not a…
2Cases cited16 opinions
- Commissioner v. AckerSupreme Court of the United States · 1959
- United States v. ChaseSupreme Court of the United States · 1890
- Don E. Williams Co. v. CommissionerSupreme Court of the United States · 1977
- Al Nieto, Clarence Valdez, Adrian Munenmann, Lester Olivera and Joana L. Gonzales v. Louis Ecker, and Roger FrommerCourt of Appeals for the Ninth Circuit · 1988
- Woods v. CommissionerUnited States Tax Court · 1988
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