Flahertys Arden Bowl, Inc. v. Commissioner
United States Tax Court
F owns more than 50 percent of the stock of P. F is a beneficiary of two retirement plans held by T. Under the terms of the plans F is authorized to direct the investments of the assets in his accounts in the plans. F is a fiduciary under sec. 4975, I.R.C., and, under that section, P is a "disqualified person". Sec. 404(c) of the Employee Retirement Income Security Act of 1974 (ERISA), Pub.
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F owns more than 50 percent of the stock of P. F is a beneficiary of two retirement plans held by T. Under the terms of the plans F is authorized to direct the investments of the assets in his accounts in the plans. F is a fiduciary under sec. 4975, I.R.C., and, under that section, P is a "disqualified person". Sec. 404(c) of the Employee Retirement Income Security Act of 1974 (ERISA), Pub. L. 93-406, 88 Stat. 829, 877, provides that if a plan beneficiary exercises control over the plan's assets in his account, the beneficiary is not a fiduciary. HELD: ERISA sec. 404(c) does not modify the…
1Opinion of the Court
OPINION
Dawson, Judge:
This case was assigned to Special Trial Judge Carleton D. Powell pursuant to Rules 180, 181, and 183. All Rule references are to the Tax Court Rules of Practice and Procedure. The Court agrees with and adopts the opinion of the Special Trial Judge, which is set forth below.
OPINION OF THE SPECIAL TRIAL JUDGE
Powell, Special Trial Judge: Respondent determined deficiencies in petitioner’s 1993 and 1994 Federal excise taxes under section 4975(a)1 of $800 and $1,303, respectively. Respondent also determined additions to tax under section 6651(a)(1) for 1993 and 1994 of $200 and…
2Cases cited14 opinions
- United States v. Ron Pair Enterprises, Inc.Supreme Court of the United States · 1989
- Consumer Product Safety Commission v. GTE Sylvania, Inc.Supreme Court of the United States · 1980
- United States v. BoyleSupreme Court of the United States · 1985
- Commissioner v. Keystone Consolidated Industries, Inc.Supreme Court of the United States · 1993
- United States v. Mark John Lamere, United States of America v. Jean-Paul Allen LamereCourt of Appeals for the Eighth Circuit · 1992
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3Cited by11 opinions
- Estate of Farnam v. CommissionerCourt of Appeals for the Eighth Circuit · 2009
- Thiessen v. Comm'rUnited States Tax Court · 2016
- Flahertys Arden Bowl, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 2001
- Estate of Farnam v. Comm'rUnited States Tax Court · 2008
- Estate of Duane B. Farnam v. CIRCourt of Appeals for the Eighth Circuit · 2009
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