105 T. C. No. 29
UNITED STATES TAX COURT
JOHN U. FAZI AND SYLVIA FAZI, Petitioners v.
COMMISSIONER OF INTERNAL REVENUE, Respondent
Docket No. 13874-93. Filed December 19, 1995.
P, a dentist, incorporated C and established three
pension plans. P was an employee of C. Plan 2 was
frozen in 1982. Plan 2 was merged into plan 1 in 1986.
P dissolved C in 1986 and distributed all of the assets
in the plan 1 trust to employees, including P, in 1987.
We held in Fazi v. Commissioner, 102 T.C. 695 (1994)
(Fazi I), that plan 1 was not qualified and its related
trust was not exempt during 1985, 1986, and 1987. We
also held that, except for amounts conceded by R, P was
taxable in 1987 on the assets distributed to P from
plan 1. In Fazi I, R conceded on brief that the
taxable distribution to P from plan 1 for 1987 had to
be reduced by contributions made on P's behalf for 1985
and 1986, including P's share of the amount merged from
plan 2 to plan 1 during 1986. This concession was
accepted without review or analysis of the underlying
substantive issues related to the concession.
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