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stock would constitute criminal conduct. Thus, according
to the tax matters partner, the partnership received legal
title of 2,000 shares of Saztec stock from Mr. Stein and
made a timely contribution of the stock to Mr. Stein's
defined benefit plan. Accordingly, the tax matters partner
argues, the partnership is entitled under section 404(a) to
deduct the value of the stock allegedly contributed to the
trust.
The tax matters partner argues that this case is
governed by the opinion of the U.S. Court of Appeals for
the Third Circuit, the court to which an appeal would lie,
in Dick Bros., Inc. v. Commissioner, 205 F.2d 64 (3d Cir.
1953), revg. 18 T.C. 832 (1952). In that case, the Court
of Appeals held that the taxpayer's contribution of a check
to an employee's pension trust was timely and that the
taxpayer was entitled to deduct the amount of the check.
According to the Court, the check and a transmittal letter
signed by the three members of the pension committee were
left with the taxpayer's treasurer, who was also a member
of the pension committee, on February 28, the day before
the contribution was due; viz, March 1. By letter on
Monday, March 4, the trustee acknowledged receipt of the
check and letter from the pension committee. This Court
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