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Plan is a single 10 or more employer plan within section
419A(f)(6).
We must resolve these disputes. We do so with the benefit
of a comprehensive and detailed evidentiary record developed by
the parties up to, including, and after trial, as well as with
the aid of the parties' briefs and other voluminous submissions
that have focused on issues which have been in dispute at one
time or another throughout this proceeding. We analyze the law
that applies to the issues at hand, giving due regard to all
arguments made by the parties with respect to these issues.
1. Type of Plan: Welfare Benefit or Deferred Compensation
We pass first on whether the Prime Plan is a plan of welfare
benefit or deferred compensation. If the Prime Plan is a
deferred compensation plan, section 404(a)(5) prohibits a
participating employer from deducting a contribution until the
year in which an amount attributable to the contribution is
includable in the gross income of employees participating in the
plan, assuming that separate accounts are maintained for each
employee. If a separate account is not maintained for each
employee, section 404(a)(5) does not allow an employer to deduct
the contribution even in the year in which an attributable amount
is included in the gross income of an employee. See also sec.
1.404(a)-12(b)(3), Income Tax Regs. If, on the other hand, the
Prime Plan is a welfare benefit plan, subpart D generally limits
the employer's deduction for its contributions to the amount that
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