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7/31/90
Commissions
Charlene Peers $0 $4,935 $4,935
Robert Peers 0 4,935 4,935
0 9,870 9,870
0 sec. 145
limit
9,870 Excess
381,920 Cum.
excess
1 This represents the cumulative excess in the trust for both
participants.
2 See supra note 1.
3 See supra note 1.
We note that respondent included the full amount of elective
deferrals as "Annual Additions" for the year ended July 31, 1987,
since respondent asserts the elective deferrals are employer
contributions, and not employee contributions.
Respondent contends that for the limitation years ended July
31, 1987, 1988, 1989, and 1990, the section 415 limitations were
exceeded in the respective amounts of $22,500, $31,000, $36,025,
and $40,960 for each participant.
I. Commissions
Petitioner seeks to include in "participant's compensation"
the amounts that petitioner paid Robert and Charlene Peers as
independent contractors for the years ended July 31, 1987,
through 1990. Petitioner's corporate income tax returns, Forms
1120, for the years that ended July 31, 1987, through 1990,
indicate that the compensation paid to the officers for each year
was zero dollars. These returns also indicate that during the
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