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prescribed in section 7476.1 Petitioner objects thereto.
Petitioner alleges that the petition was timely, and, even if it
was not, that respondent has waived the right to challenge the
timeliness of the petition, or, alternatively, that the Court
should extend the period of time in which the petition had to be
filed. Petitioner alleges that equitable considerations support
its position.
Background
Petitioner maintains a money purchase pension plan named the
Calvert Anesthesia Associates-Pricha Phattiyakul, M.D. P.A. Money
Purchase Pension Plan (the Plan). On June 13, 1997, respondent
issued petitioner by certified mail a final revocation letter
stating that the Plan did not meet the requirements of section
401(a) for its plan year ended December 31, 1991, that the trust
underlying the Plan (the Trust) was not tax exempt under section
501(a) for the same year, and that respondent was revoking a
July 29, 1987, favorable determination letter issued to
petitioner in connection with the Plan and the Trust. The reason
stated in the final revocation letter for respondent's action was
that petitioner had "failed to provide the information necessary
to determine allowable deductions under IRC Sec. 404,
1 Section references are to the applicable provisions of the
Internal Revenue Code.
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Last modified: May 25, 2011