Sherwin-Williams Company Employee Health Plan Trust - Page 1
















                                   115 T.C. No. 33                                    


                               UNITED STATES TAX COURT                                


           SHERWIN-WILLIAMS COMPANY EMPLOYEE HEALTH PLAN TRUST, KEY TRUST             
                       COMPANY OF OHIO, TRUSTEE, Petitioner v.                        
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      


               Docket No.  21333-97.                Filed November 9, 2000.           


                    Trust (T), a tax-exempt voluntary employees’                      
               beneficiary association described in sec. 501(c)(9),                   
               I.R.C., set aside for each year at issue a certain                     
               amount of investment income to provide for the payment                 
               of reasonable costs of administration directly con-                    
               nected with providing for the payment of health care                   
               benefits (amount of investment income at issue).                       
                    Held:  In determining for each year at issue the                  
               unrelated business taxable income (UBTI) of T under                    
               sec. 512(a)(3)(A), I.R.C., the amount of investment                    
               income at issue is subject to the limitation prescribed                
               by sec. 512(a)(3)(E)(i), I.R.C.  Held, further, in                     
               calculating for each year at issue the limitation                      
               prescribed by sec. 512(a)(3)(E)(i), I.R.C., the amount                 
               of assets that T set aside to provide for the payment                  
               of health care benefits, including reasonable costs of                 
               administration directly connected with providing for                   
               the payment of such benefits, is not to be reduced by                  





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