Engineered Timber Sales, Inc. v. Commissioner
United States Tax Court
Held, for calendar year 1974, petitioner's collection of written documents fails to create a qualified profit-sharing plan within the dimensions of sec. 401(a), I.R.C. 1954. Held, further, in 1974, these writings do not constitute a nonqualified profit-sharing plan within the meaning of secs. 401 through 415 of the Code.
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Held, for calendar year 1974, petitioner's collection of written documents fails to create a qualified profit-sharing plan within the dimensions of sec. 401(a), I.R.C. 1954. Held, further, in 1974, these writings do not constitute a nonqualified profit-sharing plan within the meaning of secs. 401 through 415 of the Code. Held, further, section 401(b), as amended by the Employee Retirement Income Security Act of 1974, does not permit retroactive adoption of an original profit-sharing plan. Held, further, petitioner is not entitled in 1974 to a deduction under sec. 404(a) for contributions made…
1Opinion of the Court
Scott, Judge:
Respondent determined deficiencies in petitioner corporation’s income taxes for calendar years 1974 and 1975 in the amounts of $7,739.04 and $363.39, respectively.
Some of the issues raised by the pleadings have been disposed of by the parties, leaving for our decision (1) whether in the year 1974 petitioner established a profit-sharing plan within the meaning of section 401(a), I.R.C. 1954,1 so as to be entitled to deduct, under section 404(a), contributions made in that year to an exempt trust; and (2) in the alternative, whether petitioner is entitled to deduct in 1974, under…
2Cases cited27 opinions
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- United States v. CorrellSupreme Court of the United States · 1967
- National Muffler Dealers Assn., Inc. v. United StatesSupreme Court of the United States · 1979
- Helvering v. WinmillSupreme Court of the United States · 1938
- United States v. MooreSupreme Court of the United States · 1878
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- D. J. Powers Co. v. CommissionerUnited States Tax Court · 1981
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