William Bryen Co. v. Commissioner
United States Tax Court
P is the parent corporation of an affiliated group of corporations, and used a fiscal year ending on January 31 as its annual accounting period for tax purposes. B.B. & Co. is a wholly owned subsidiary of P, and is a member of P's affiliated group. B.B. & Co. adopted the B.B. & Co. Plan, which was a target benefit plan and was considered a money purchase pension plan.
Read the full summary
P is the parent corporation of an affiliated group of corporations, and used a fiscal year ending on January 31 as its annual accounting period for tax purposes. B.B. & Co. is a wholly owned subsidiary of P, and is a member of P's affiliated group. B.B. & Co. adopted the B.B. & Co. Plan, which was a target benefit plan and was considered a money purchase pension plan. Under the B.B. & Co. Plan, separate accounts were maintained for each employee who was a plan participant and there was full and immediate vesting of amounts credited to the accounts of the participants. The B.B. & Co. Plan used…
1Opinion of the Court
OPINION
WELLS, Judge:*
Respondent determined the following deficiencies in petitioner’s income taxes:
Deficiency1 TYE Jan. 31
1974... $6,133.39
1975 ... 34,854.15
1976 ... 153,059.25
After concessions, the issues we are asked to decide are: (1) Whether petitioner’s intentional overfunding of both of its money purchase pension plans results in the disqualification of the plans under section 401(a);2 (2) if petitioner’s pension plans are not qualified under section 401(a), whether petitioner is entitled to deductions under section 404(a)(5) for contributions made under one of its pension plans to the…
2Cases cited13 opinions
- Ford Motor Credit Co. v. MilhollinSupreme Court of the United States · 1980
- Hanover Bank v. CommissionerSupreme Court of the United States · 1962
- Stubbs, Overbeck & Associates, Inc. v. United StatesCourt of Appeals for the Fifth Circuit · 1971
- Markwardt v. CommissionerUnited States Tax Court · 1975
- McCaughn v. LudingtonSupreme Court of the United States · 1925
8 more not listed; retrieve them via the Exa API.
3Cited by19 opinions
- Pagel, Inc. v. CommissionerUnited States Tax Court · 1988
- Buzzetta Constr. Corp. v. CommissionerUnited States Tax Court · 1989
- Martin Fireproofing Profit-Sharing Plan & Trust v. CommissionerUnited States Tax Court · 1989
- Fazi v. CommissionerUnited States Tax Court · 1995
- Williams v. CommissionerUnited States Tax Court · 1992
14 more not listed; retrieve them via the Exa API.