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94-95 (1973), 1974-3 C.B. (Supp.) 80, 173-174; see also
Greenlee v. Commissioner, T.C. Memo. 1996-378.
Disqualification penalized employee/plan participants in that
they were denied favorable tax consequences such as deferral of
taxation. S. Rept. 93-383, supra at 94, 1974-3 C.B. (Supp.) at
173; see also Hamlin Dev. Co. v. Commissioner, T.C. Memo.
1993-89, for a discussion of the favorable tax consequences
that flow from a pension plan. The Congress' intent in
enacting pension plan legislation has primarily been to protect
participants and their beneficiaries by ensuring that plan
assets are held for their exclusive benefit. H. Conf. Rept.
93-1280, at 303 (1974), 1974-3 C.B. 415, 464.
Petitioner does not contest respondent's determination
that petitioner was a disqualified person under section 4975 on
the date of the transfer. He was by virtue of his status as
the Plans' trustee. See sec. 4975(e)(2)(A) and (3)(A). Nor
does petitioner contest respondent's determination that each of
the Trusts was a "plan" under section 4975(e)(1). Petitioner's
dispute with respondent begins with petitioner's assertion that
he is excepted from the prohibited transaction rules because,
he contends, he was the only beneficiary of the Plans.
We disagree with petitioner that he is excepted from the
prohibited transaction rules. He was not the MPP's only
beneficiary when he transferred the real estate to it. Even if
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