Stewart v. Commissioner
United States Tax Court
Friedrich, petitioner's corporate employer, adopted a profit-sharing plan in which petitioner was a qualified participant. In 1961 all of the shares of Friedrich were purchased by another corporation, which adopted the profit-sharing plan and thereafter operated Friedrich as a subsidiary. In 1962 the profit-sharing plan was replaced by a retirement plan, in which petitioner was a qualified participant.
Read the full summary
Friedrich, petitioner's corporate employer, adopted a profit-sharing plan in which petitioner was a qualified participant. In 1961 all of the shares of Friedrich were purchased by another corporation, which adopted the profit-sharing plan and thereafter operated Friedrich as a subsidiary. In 1962 the profit-sharing plan was replaced by a retirement plan, in which petitioner was a qualified participant. In 1964 all of the shares of Friedrich were sold to AIC, which thereafter liquidated Friedrich and operated it as a division. AIC was subsequently merged into AIC Corp. In 1965, at the…
1Opinion of the Court
OPINION
Feathejrston, Judge:
Respondent determined a deficiency of $832.11 in petitioner’s income tax for the year 1965. Respondent concedes that petitioner is entitled to a credit of $676.10 for tax withheld but not claimed by petitioner on his original return for 1965. The sole issue for decision is the proper tax treatment of a lump-sum distribution to petitioner from a qualified profit-sharing trust maintained by his employer.
All of the facts are stipulated.
Petitioner was a legal resident of San Antonio, Tex., at the time his petition was filed. He filed an original and an amended income…
2Cases cited11 opinions
- United States v. Ophelia Johnson and Ophelia R. Johnson, as Under the Last Will and Testament of Clifford L. Johnson, DeceasedCourt of Appeals for the Fifth Circuit · 1964
- Glinske v. CommissionerUnited States Tax Court · 1951
- United States v. Ben Martin and Rachel T. MartinCourt of Appeals for the Eighth Circuit · 1964
- Fry v. CommissionerUnited States Tax Court · 1952
- Fry's Estate v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1953
6 more not listed; retrieve them via the Exa API.
3Cited by11 opinions
- Patty R. Smith v. United StatesCourt of Appeals for the Sixth Circuit · 1972
- Gegax v. CommissionerUnited States Tax Court · 1979
- Houg v. CommissionerUnited States Tax Court · 1970
- Richards v. CommissionerUnited States Tax Court · 1971
- Wilkins v. CommissionerUnited States Tax Court · 1970
6 more not listed; retrieve them via the Exa API.