Gillis v. Commissioner
United States Tax Court
B-G corporation made entries on its books at the end of each year accruing liabilities for payments under a profit-sharing plan meeting the requirements of secs. 401 and 501, I.R.C. 1954, and informed the employees of their respective shares of the accruals. B-G's treasurer was also a trustee under the plan.
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B-G corporation made entries on its books at the end of each year accruing liabilities for payments under a profit-sharing plan meeting the requirements of secs. 401 and 501, I.R.C. 1954, and informed the employees of their respective shares of the accruals. B-G's treasurer was also a trustee under the plan. She purchased certain stocks for the trust during B-G's taxable years ended Mar. 31, 1967, and Mar. 31, 1968, but did not pay or otherwise transfer to the trust $ 24,236.67 and $ 11,807.48 taken as deductions in those years, respectively, until Aug. 5, 1968. Petitioners have agreed that…
1Opinion of the Court
Gordon H. Gillis, Petitioner v. Commissioner of Internal Revenue, Respondent; Eleanor S. Gillis, a.k.a. Eleanor S. Beach, Petitioner v. Commissioner of Internal Revenue, Respondent
Gillis v. Commissioner
Docket Nos. 7492-72, 273-73
United States Tax Court
63 T.C. 11; 1974 U.S. Tax Ct. LEXIS 37;
October 2, 1974, Filed
Decisions will be entered for the respondent.
B-G corporation made entries on its books at the end of each year accruing liabilities for payments under a profit-sharing plan meeting the requirements of secs. 401 and 501, I.R.C. 1954, and informed the employees of their respective shares…
2Cases cited14 opinions
- Fountain v. CommissionerUnited States Tax Court · 1973
- Time Oil Company v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1958
- F. & D. Rentals, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1966
- F. & D. Rentals, Inc. v. CommissionerUnited States Tax Court · 1965
- Sachs v. Commissioner of Internal Revenue. Slaymaker Lock Co. v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1953
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