-3-
for an addition to tax under section 6651(a)(1) for failure to
file excise tax returns; and (4) whether respondent had authority
to issue a notice of deficiency in regard to a prohibited
transaction when the Department of Labor had previously entered
into a stipulation of consent judgment with petitioner.
FINDINGS OF FACT
Some of the facts have been stipulated and are so found.
The stipulation of facts and the attached exhibits are
incorporated herein. Neil M. Baizer (petitioner) resided in Los
Angeles, California, when the petition was filed.
Cohen & Baizer Accountancy Corp. (the Corporation) is a
California corporation that was incorporated on August 4, 1980.
Petitioner and M. Richard Cohen were officers and directors of
the Corporation, and together they were the majority shareholders
of the Corporation. The Corporation has been inactive since
December 1987. Although its corporate charter was suspended by
the California secretary of state's office on December 1, 1989,
the Corporation has not been dissolved.
Effective February 1, 1981, the Corporation adopted, for the
benefit of its employees and their beneficiaries, the Cohen &
Baizer Accountancy Corporation Defined Benefit Pension Plan and
associated Trust (collectively, the Plan). At all times
relevant, the Plan was a qualified plan and an exempt trust
within the meaning of sections 401(a) and 501(a). Both the
Corporation and the Plan maintained tax years ending January 31.
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