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the result that the ESOP and trust were qualified during the
years at issue.
Petitioner asserts, in its brief, that the participant's
compensation, contributions to the ESOP, and annual additions are
as follows:
Year Participant's Annual
Ended Compensation Contributions Additions
7/31/87
Commissions $45,000
Elective
Deferrals 45,000 $45,000 $22,500
90,000 22,500 sec. 415
limit
0 Excess
7/31/88
Commissions $68,000 $10,000
Elective
Deferrals 7,000 7,000 $17,000
75,000 17,000 17,000 sec. 415
limit
0 Excess
7/31/89
Commissions $67,000 $10,050 $10,050
16,750 sec. 415
limit
(6,700) Excess
7/31/90
Commissions $65,800 $9,870 $9,870
(6,700) prior year
excess
3,170 net annual
additions
16,450 sec. 415
limit
(13,280) Excess
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Last modified: May 25, 2011