Oakton Distributors, Inc. v. Commissioner
United States Tax Court
In 1970, petitioner adopted a money purchase pension plan, contributions to which were integrated with Social Security to the maximum extent then allowed. Respondent issued a favorable determination letter with respect to the plan. On Dec. 15, 1972, petitioner adopted a profit-sharing plan, the allocation formula of which was integrated with Social Security to the maximum extent then allowed. The same employees were covered by both plans.
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In 1970, petitioner adopted a money purchase pension plan, contributions to which were integrated with Social Security to the maximum extent then allowed. Respondent issued a favorable determination letter with respect to the plan. On Dec. 15, 1972, petitioner adopted a profit-sharing plan, the allocation formula of which was integrated with Social Security to the maximum extent then allowed. The same employees were covered by both plans. On the application for determination that the profit-sharing plan qualified under sec. 401(a), I.R.C. 1954, petitioner misstated the contribution formula of…
1Opinion of the Court
OPINION
Featherston, Judge:
Respondent retroactively revoked a determination that the profit-sharing plan adopted by petitioner meets the requirements of section 401(a).1 Petitioner challenges respondent’s revocation and has invoked the jurisdiction of this Court for a declaratory judgment under section 7476.
The issues presented for decision are:(1) Whether a profit-sharing plan which was adopted on December 15, 1972, effective January 1, 1972, and for which a final favorable determination letter was issued March 2, 1973, may in March 1977, be retroactively amended to remove a disqualifying…
2Cases cited19 opinions
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- Automobile Club of Mich. v. CommissionerSupreme Court of the United States · 1957
- Aero Rental v. CommissionerUnited States Tax Court · 1975
- Lederer v. StocktonSupreme Court of the United States · 1922
- Houston Lawyer Referral Service, Inc. v. CommissionerUnited States Tax Court · 1978
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3Cited by30 opinions
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- Martin Fireproofing Profit-Sharing Plan & Trust v. CommissionerUnited States Tax Court · 1989
- Halliburton Co. v. CommissionerUnited States Tax Court · 1992
- Patton v. CommissionerUnited States Tax Court · 2001
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