Greenwald v. Commissioner
United States Tax Court
Held, on the facts disclosed by the record a profit-sharing plan which had at one time been approved was no longer entitled to be treated as qualified where drastic changes had occurred in the operation of the plan requiring its disqualification.
1Opinion of the Court
OPINION
Raum, Judge:
In November 1959 petitioner Harold D. Greenwald received distributions from the Madison Trust in the aggregate amount of $168,922.55. The Commissioner determined that such distributions constituted ordinary income rather than capital gain as reported by petitioner, who relied upon section 402(a) (2) of the 1954 Code. By its terms, section 402(a) (2) applies only in the case of “an employees’ trust described in section 401(a), which is exempt from tax under section 501(a).”1 The principal question for decision therefore is whether the Madison Trust qualified under section…
2Cases cited2 opinions
- Sherwood Swan & Co. v. CommissionerUnited States Tax Court · 1964
- Birnie v. CommissionerUnited States Tax Court · 1953
3Cited by30 opinions
- Harold D. Greenwald and Nana Greenwald, on Review v. Commissioner of Internal Revenue, on ReviewCourt of Appeals for the Second Circuit · 1966
- Quality Brands, Inc. v. CommissionerUnited States Tax Court · 1976
- Pulver Roofing Co. v. CommissionerUnited States Tax Court · 1978
- Baetens v. CommissionerUnited States Tax Court · 1984
- Woodson v. CommissionerUnited States Tax Court · 1980
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