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
OPINION
Drennen, Judge:
Respondent determined a deficiency in petitioner’s corporate income tax for its fiscal year ending April 30,1972, in the amount of $9,484.45. The issues for decision are: (1) Whether petitioner established a profit-sharing trust, qualified under section 401(a), I.R.C. 1954,1 by April 30, 1972, the final day of its taxable year 1972; and (2) whether the contribution of $19,759.25 made by petitioner to the profit-sharing trust on July 13, 1972, was deductible on petitioner’s corporate income tax return for its taxable year 1972.
All of the facts have been stipulated and the…
2Cases cited9 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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3Cited by6 opinions
- Engineered Timber Sales, Inc. v. CommissionerUnited States Tax Court · 1980
- I. S. C., Inc. v. CommissionerUnited States Tax Court · 1978
- Attardo v. CommissionerUnited States Tax Court · 1991
- Catawba Industrial Rubber Co. v. CommissionerUnited States Tax Court · 1975
- Engineered Timber Sales, Inc. v. CommissionerUnited States Tax Court · 1980
1 more not listed; retrieve them via the Exa API.