Boggs v. Commissioner
United States Tax Court
In 1962, the H.T. Boggs Co., Inc., established a profit-sharing plan and related trust. Respondent issued a favorable ruling on the qualified status of the plan and trust in 1962. The plan and trust were terminated in 1976. Upon termination, P received a distribution of his account balance in the related trust, which he rolled over into an Individual Retirement Account (IRA). In 1978, respondent retroactively revoked the qualified status of the plan and trust, effective for…
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In 1962, the H.T. Boggs Co., Inc., established a profit-sharing plan and related trust. Respondent issued a favorable ruling on the qualified status of the plan and trust in 1962. The plan and trust were terminated in 1976. Upon termination, P received a distribution of his account balance in the related trust, which he rolled over into an Individual Retirement Account (IRA). In 1978, respondent retroactively revoked the qualified status of the plan and trust, effective for the tax year beginning in 1974, on the grounds that the plan violated sec. 401(a)(3) and ( 4), I.R.C. 1954. As a result…
1Opinion of the Court
Parker, Judge:
Respondent determined a deficiency in petitioners’ Federal income tax for the 1976 taxable year in the amount of $62,183.93. The issues for decision are: (1) Whether a distribution from a profit-sharing trust is entitled to be rolled over tax free into an Individual Retirement Account (IRA) under the provisions of section 402(a)(5),1 and (2) whether petitioners should have reported the $1,850 interest earned by the IRA as taxable income for their 1976 taxable year.
FINDINGS OF FACT
This case was submitted fully stipulated. The stipulation of facts and exhibits attached thereto are…
2Cases cited24 opinions
- Automobile Club of Mich. v. CommissionerSupreme Court of the United States · 1957
- Orzechowski v. CommissionerUnited States Tax Court · 1978
- Richard W. And Janet Orzechowski v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1979
- Lang v. CommissionerSupreme Court of the United States · 1933
- Harold D. Greenwald and Nana Greenwald, on Review v. Commissioner of Internal Revenue, on ReviewCourt of Appeals for the Second Circuit · 1966
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3Cited by14 opinions
- Buzzetta Constr. Corp. v. CommissionerUnited States Tax Court · 1989
- Martin Fireproofing Profit-Sharing Plan & Trust v. CommissionerUnited States Tax Court · 1989
- Eanes v. CommissionerUnited States Tax Court · 1985
- Fazi v. CommissionerUnited States Tax Court · 1994
- Henry T. Boggs and Jeanne Boggs v. Commissioner of Internal Revenue, Henry T. Boggs and Jeanne Boggs v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1986
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