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to timely file an excise tax return in the amount of $457.1 The
sole issue for decision is whether petitioner’s money purchase
pension plan satisfied the minimum funding standards of section
412.2 We hold that it did not.3
Background
This case was submitted fully stipulated under Rule 122, and
the facts stipulated are so found. Petitioner resided in San
Francisco, California, at the time that his petition was filed
with the Court.
Petitioner is a certified public accountant who operates a
sole proprietorship. Petitioner adopted the Phillip M. Wenger
self-employed retirement money purchase plan (the Wenger plan) in
1984. Thereafter, in August 1990, petitioner adopted an updated
version of the Wenger plan using a prototype money purchase plan
offered by Charles Schwab and Co., Inc. (Charles Schwab). In
1 All section references are to the Internal Revenue Code,
as amended, and all Rule references are to the Tax Court Rules of
Practice and Procedure. All amounts are rounded to the nearest
dollar.
2 There is no indication that petitioner applied for waiver
of the minimum funding standards on the ground of business
hardship as provided under sec. 412(d). In any event, petitioner
has not raised the question of whether a valid waiver under sec.
412(d) existed, and we do not consider that matter.
3 Petitioner concedes that if a funding deficiency exists
with respect to his money purchase pension plan for 1994, then he
is liable for the addition to tax for failure to timely file an
excise tax return.
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