Frank Gant and Roberta Gant - Page 2

                                        - 2 -                                         

               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            





Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011