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require that those employers who choose to file their tax returns
later must accept the risk of possible limitations on their
ability to claim deductions.").
Finally, sections 404(a) and 413(b)(7) offer employers a
powerful incentive to participate in qualified plans. Employers
obtain the significant tax advantage of a deduction for plan
contributions in many cases years before the corresponding income
is recognized by their employees. (In general, employee
participants are not taxed until the time they receive
distributions from a qualified plan, whereas an employer's
contributions to a qualified plan are deductible when paid to the
trust. In contrast, for nonqualified plans, an employer's
contributions are not deductible when paid; they are deductible
only when the employee participant reports the amount of the
contribution as income. Sec. 404(a)(5).) However, sections
404(a) and 413(b)(7) impose restraints which cannot be
disregarded. Petitioner baldly seeks to garner an additional tax
benefit, permanent tax deferral, by its one-time bunching of up
to 20-1/2 months of deductions in TYE 8801 for each of the 39
Multiemployer Plans to which it contributed. See Lucky Stores,
Inc., & Subs. v. Commissioner, T.C. Memo. 1997-70. We are not
convinced that Congress intended section 404(a)(6) to be read so
expansively, or in a manner inconsistent with section 413(b)(7),
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