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After concessions, the following 2 issues remain for us to
resolve in the present proceeding: (1) Whether petitioner, in
its taxable year ending January 30, 1988 (TYE 8801), properly
deducted certain contributions to multiemployer pension plans
attributable to services performed after the conclusion of that
tax year, and (2) whether petitioner properly deducted certain
vacation pay liabilities pursuant to section 463 in its taxable
year ended January 31, 1987 (TYE 8701) and in TYE 8801. The
amount of the disputed pension contribution deduction is
$37,839,040.20. The amounts of the disputed vacation pay
deductions are $24,171,499 in TYE 8701 and $17,927,808 in TYE
8801.
The facts have been fully stipulated and are found
accordingly. This reference incorporates the stipulated facts
and attached exhibits.
Petitioner is a Delaware corporation. At the time the
petition was filed, petitioner's principal place of business was
located in Salt Lake City, Utah.
Background
Petitioner is the common parent of an affiliated group of
corporations, and files a consolidated Federal income tax return
annually. Petitioner filed the petition on behalf of all
eligible members of the group. For Federal income tax purposes,
petitioner elected to file corporate income tax returns on the
basis of a 52-53 week fiscal year ending on the Saturday nearest
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