Lucky Stores, Inc. and Subsidiaries - Page 15

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          Current Taxable Year, respondent denied the deduction for the               
          grace period contributions.                                                 
               Petitioner claims that it is entitled to deduct the grace              
          period contributions currently because they were "on account of"            
          its Current Taxable Year within the meaning of section 404(a)(6),           
          as explicated by Rev. Rul. 76-28, 1976-1 C.B. 106.  In an                   
          unexpected burst of candor, petitioner admits that it is                    
          attempting to deduct, for the Current Taxable Year,                         
          "contributions made over a 20-month period".                                
               While section 404(a)(1)(A) states that pension plan                    
          contributions are deductible "In the taxable year when paid",               
          section 404(a)(6) provides a grace period in that, in the words             
          of the section, "a taxpayer shall be deemed to have made a                  
          payment on the last day of the preceding taxable year if the                
          payment is on account of such taxable year", subject to the                 
          further condition that the payment be made "not later than the              
          time prescribed by law for filing the return for such taxable               
          year (including extensions thereof)."                                       
               Petitioner also argues that under section 413(b)(7) its                
          contributions were within the deductible limits of section 404(a)           
          because the "anticipated contributions" for all the CBA Plans for           
          their respective plan years did not exceed any maximum deduction            

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