Fazi v. Commissioner
United States Tax Court
P, a dentist, incorporated C and established three employee plans. P was the sole shareholder, director, and officer of C. Prior to 1984, the plans were modified from time to time to comply with internal revenue law changes. With the 1982 and 1984 enactment of numerous changes to the pension provisions of the Internal Revenue Code, C's plan became "top-heavy", and changes were made to cause it to be operationally in compliance with revenue laws.
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P, a dentist, incorporated C and established three employee plans. P was the sole shareholder, director, and officer of C. Prior to 1984, the plans were modified from time to time to comply with internal revenue law changes. With the 1982 and 1984 enactment of numerous changes to the pension provisions of the Internal Revenue Code, C's plan became "top-heavy", and changes were made to cause it to be operationally in compliance with revenue laws. G, an insurance company, devised a modified prototype plan which was generally approved by the Internal Revenue Service. Although C's plan was…
1Opinion of the Court
Gerber, Judge:
Respondent determined a $434,582 deficiency in petitioners’ 1987 Federal income tax. The deficiency is attributable to distributions petitioners received from a pension plan. The issues for our consideration are: (1) Whether the pension plan and related trust were unqualified at the time of the distributions to petitioners;1 and (2) if the plan and trust were unqualified, whether attempted rollovers to individual retirement accounts resulted in a taxable event for petitioners and, if so, we must decide the amount of the distribution which is taxable in the year 1987.
FINDINGS OF…
2Cases cited18 opinions
- Brewer v. First National BankSupreme Court of Virginia · 1961
- Harold D. Greenwald and Nana Greenwald, on Review v. Commissioner of Internal Revenue, on ReviewCourt of Appeals for the Second Circuit · 1966
- Buzzetta Constr. Corp. v. CommissionerUnited States Tax Court · 1989
- Greenwald v. CommissionerUnited States Tax Court · 1965
- Ludden v. CommissionerUnited States Tax Court · 1977
13 more not listed; retrieve them via the Exa API.
3Cited by14 opinions
- Central Pa. Sav. Ass'n v. CommissionerUnited States Tax Court · 1995
- Schoof v. CommissionerUnited States Tax Court · 1998
- Fazi v. CommissionerUnited States Tax Court · 1995
- Gallade v. CommissionerUnited States Tax Court · 1996
- Gilbert Imported Hardwoods, Inc. v. HollandDistrict Court, S.D. West Virginia · 2001
9 more not listed; retrieve them via the Exa API.