Jones v. Commissioner
United States Tax Court
Petitioner had a fully vested interest in his employer's qualified profit-sharing plan. His employment was subsequently terminated for attempting to embezzle goods from his employer. As part of his plea bargaining arrangement, petitioner relinquished his entire interest in his former employer's profit-sharing plan and subsequently endorsed a lump-sum distribution from the profit-sharing trust back to his former employer.
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Petitioner had a fully vested interest in his employer's qualified profit-sharing plan. His employment was subsequently terminated for attempting to embezzle goods from his employer. As part of his plea bargaining arrangement, petitioner relinquished his entire interest in his former employer's profit-sharing plan and subsequently endorsed a lump-sum distribution from the profit-sharing trust back to his former employer. Held, petitioner must include in income the value of his fully vested interest in his former employer's profit-sharing plan. Secs. 402(a), 451, I.R.C. 1954.
1Opinion of the Court
Goffe, Judge-.
The Commissioner determined a deficiency in petitioners’ Federal income tax for the taxable year 1978 in the amount of $932.67. The only issue for decision is whether petitioners must include in income, the value of a fully vested interest in a qualified profit-sharing plan which was relinquished in conjunction with a plea bargaining arrangement.
FINDINGS OF FACT
Some of the facts have been stipulated. The stipulation of facts and accompanying exhibits are so found and incorporated herein by reference.
Petitioners are married and filed a joint Federal income tax return for 1978…
2Cases cited13 opinions
- Helvering v. HorstSupreme Court of the United States · 1940
- United States v. Skelly Oil Co.Supreme Court of the United States · 1969
- Winer v. Edison Bros. Stores Pension PlanCourt of Appeals for the Eighth Circuit · 1979
- Doyle v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1945
- Uhlenbrock v. CommissionerUnited States Tax Court · 1977
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