Latrobe Steel Co. v. Commissioner
United States Tax Court
In addition to its regular vacation plan, petitioner adopted an extended vacation plan that entitled each qualifying employee to not more than 13 weeks of paid vacation once in each 5-year period. The right to designate when a qualifying employee could take his extended vacation was reserved to the petitioner.
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In addition to its regular vacation plan, petitioner adopted an extended vacation plan that entitled each qualifying employee to not more than 13 weeks of paid vacation once in each 5-year period. The right to designate when a qualifying employee could take his extended vacation was reserved to the petitioner. Held: The extended vacation plan was not a deferred compensation plan within the intendment of sec. 404(a). Amounts paid or accrued within the taxable year for such vacations are deductible under sec. 162.
1Opinion of the Court
Latrobe Steel Company, A Pennsylvania Corporation, Petitioner v. Commissioner of Internal Revenue, Respondent
Latrobe Steel Co. v. Commissioner
Docket No. 7291-70
United States Tax Court
62 T.C. 456; 1974 U.S. Tax Ct. LEXIS 80; 62 T.C. No. 51;
July 3, 1974, Filed
Decision will be entered under Rule 155.
In addition to its regular vacation plan, petitioner adopted an extended vacation plan that entitled each qualifying employee to not more than 13 weeks of paid vacation once in each 5-year period. The right to designate when a qualifying employee could take his extended vacation was reserved to the…
Also in this document: Concurrence.
2Cases cited6 opinions
- Helvering v. New York Trust Co.Supreme Court of the United States · 1934
- Dougherty v. CommissionerUnited States Tax Court · 1973
- Latrobe Steel Co. v. CommissionerUnited States Tax Court · 1974
- New York Post Corp. v. CommissionerUnited States Tax Court · 1963
- New York Seven-Up Bottling Co. v. CommissionerUnited States Tax Court · 1968
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