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the exclusive means of terminating a single-employer defined
benefit plan. Held, further, whether a defined
contribution plan is terminated is generally a question to
be determined with regard to all the facts and circumstances
in a given case. Secs. 1.411(d)-2(c)(3), 1.401-6(b)(1),
Income Tax Regs. Held, further, P must include the value of
his vested accrued benefits in gross income for 1991-93
taxable years.
Frank Gant and Roberta Gant, pro se.
Roger P. Law, for respondent.
MEMORANDUM FINDINGS OF FACT AND OPINION
NIMS, Judge: Respondent determined the following
deficiencies and penalties with respect to the Federal income
taxes of petitioners Frank Gant (Gant) and Roberta Gant:
Year Deficiency Sec. 6663(a)
1991 $230,397 $172,798
1992 18,012 13,509
1993 21,978 16,484
Respondent filed an Amended Answer which asserted additions
to tax under section 6662(a) for the taxable years 1991, 1992,
and 1993 in the amounts of $46,079, $3,602, and $4,395,
respectively. In the Amended Answer respondent conceded the
section 6663(a) penalty for all years. At trial, respondent
conceded the section 6662(a) penalty for all years.
Unless otherwise indicated, all section references are to
sections of the Internal Revenue Code in effect for the years in
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