Smith v. Commonwealth

PELLEGRINI, Judge.

William J. and Susan C. Smith (Smiths) petition for review of the order of the Board of Finance and Revenue (Board) sustaining the Department of Revenue’s (Department) assessment of additional personal income tax against them for the year ending on December 31,1988.

Pursuant to a stipulation of facts filed by the parties, the facts of this case are as follows:1 William J. Smith is a partner in the law firm of Reed Smith Shaw & McClay (Law Firm). During the tax year at issue in the present case, the Law Firm operated a retirement plan for its partners and employees by which it…