Professional & Executive Leasing, Inc., an Idaho Corporation, Petitioner v. Commissioner Internal Revenue Service

BOOCHEVER, Circuit Judge:

Professional & Executive Leasing, Inc. (PEL) appeals a decision by the tax court in its action for declaratory relief. The tax court determined that PEL’s retirement plans did not qualify under I.R.C. § 401 because the plans covered individuals who were not employees of PEL. Thus, the requirement of § 401(a)(2) that a qualifying plan be for the “exclusive benefit” of the employer’s employees was not met. We Affirm.

FACTS

PEL is a for profit corporation organized under the laws of the State of Idaho for the purpose of “leasing” management personnel, consultants, and…