Roblene, Inc. - Page 4




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               Petitioner was incorporated on August 9, 1985, and its                 
          principal business activity is real estate sales.  It is the                
          employer and plan administrator with respect to the ESOP, a                 
          defined contribution plan.  Petitioner established the ESOP and             
          the trust as of August 12, 1985, effective for plan years                   
          beginning on and after August 12, 1985.  The plan years and                 
          limitation years of the ESOP and the trust are the fiscal years             
          ending July 31.  Petitioner amended and restated the plan                   
          document on November 7, 1989, effective August 1, 1989.  On                 
          August 20, 1990, respondent issued a favorable determination                
          letter to petitioner stating that the ESOP, as amended and                  
          restated, was in form qualified under section 401(a) and                    
          consequently the trust was entitled to tax exempt status under              
          section 501(a).  This determination letter applied to plan                  
          year(s) beginning after July 31, 1989.                                      
               The ESOP contains a salary reduction cash or deferred                  
          arrangement feature, under which an ESOP participant is permitted           
          to reduce his cash compensation or to forgo an increase in cash             
          compensation conditioned upon the employer's making a pretax                
          contribution in the same amount to the ESOP to the participant's            
          account.                                                                    
               Apart from the 10 shares of petitioner's stock issued to               
          Robert and Charlene Peers on August 9, 1985, the ESOP's trust is            
          and has been the sole shareholder of petitioner since its                   





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