- 19 - subject to the claims of petitioner's creditors and which constituted amounts includable in the income of such employee- beneficiaries as of March 13, 1992. As a consequence and in accordance with section 1.404(b)-1T, Temporary Income Tax Regs., neither the vacation nor the severance pay constituted a deferred compensation plan to which section 404(a)(5) applies. This being the case, section 83(h) and section 1.83-6(a)(3), Income Tax Regs., apply, and petitioner is entitled to deduct the amounts in question in accordance with its normal accrual method of accounting, i.e., for its fiscal year ending December 28, 1991. In order to take into account concessions by petitioner on other issues, Decision will be entered under Rule 155.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19
Last modified: May 25, 2011