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when the excess pension funds reverted to the corporation, Mr.
Souris received the $171,476 reversion in his capacity as
successor in interest of the corporation. Under the terms of the
employment agreement between Mr. Souris and the P.C., the
corporation, or Mr. Souris standing in its place as successor,
was required to pass that $171,476 to himself as the employee-
beneficiary.
To understand the situation more fully, we must delve deeper
into the morass resulting from Mr. Souris' 1981 employment
agreement with his wholly owned corporation, the P.C. Pursuant
to that agreement the P.C.'s earnings from the law partnership
may be considered as separated in the P.C.'s hands into three
parts payable in the aggregate to or for the benefit of Mr.
Souris: (1) Compensation in a fixed amount, (2) bonus in the
amount of whatever remains after (3) payments into the pension
plan for Mr. Souris. But the amount payable into the pension
plan was limited by section 404, and that limit was exceeded here
by reason of excessive employer contributions to the plan due to
what turned out to be faulty actuarial assumptions. Accordingly,
to the extent that such amounts were excessive, the excess
automatically increased the bonus payable to Mr. Souris as the
employee under his 1981 agreement with his P.C. But, as noted
above, it was first paid to him as successor in interest of the
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