Caxton Printers, Ltd. v. Commissioner
United States Board of Tax Appeals
1. PENSION TRUST FUND - REQUIREMENTS FOR DEDUCTIBILITY OF PAYMENTS THERETO UNDER SECTION 23(Q), REVENUE ACT OF 1928. Where petitioner's stockholders and directors in 1929 passed resolutions to create a pension fund to pension its employees and during the taxable year set up as a liability on its books a reserve of $8,000 labeled "Pension Reserve Fund," this book entry was not such a transfer or paying into a pension trust fund as is contemplated by section 23(q), Revenue Act…
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1. PENSION TRUST FUND - REQUIREMENTS FOR DEDUCTIBILITY OF PAYMENTS THERETO UNDER SECTION 23(Q), REVENUE ACT OF 1928. Where petitioner's stockholders and directors in 1929 passed resolutions to create a pension fund to pension its employees and during the taxable year set up as a liability on its books a reserve of $8,000 labeled "Pension Reserve Fund," this book entry was not such a transfer or paying into a pension trust fund as is contemplated by section 23(q), Revenue Act of 1928, to make such amounts deductible. Merrill Trust Co.,21 B.T.A. 1409, followed 2. INSURANCE RESERVE. Where the…
1Opinion of the Court
*1113OPINION.
Black.:
In order for petitioner to be entitled to deductions of donations or payments made to a pension trust fund, such payments or donations must be made in compliance with the terms of the statute. We do not think that the facts connected with petitioner’s setting up on its books as a liability in 1929 a reserve designated “ Pension Trust Fund ” of $8,000 are sufficient to entitle petitioner to have such fund allowed as a deduction.
Section 23 (q) of the Eevenue Act of 1928 provides:
An employer establishing or maintaining a pension trust to provide for the payment of reasonable…
2Cited by9 opinions
- Thomas Trebotich and Jeanne Trebotich v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1974
- Trebotich v. CommissionerUnited States Tax Court · 1971
- Caxton Printers, Ltd. v. CommissionerUnited States Board of Tax Appeals · 1933
- Cruz v. CommissionerUnited States Tax Court · 1990
- Manufacturers Life Ins. Co. v. CommissionerUnited States Board of Tax Appeals · 1941
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