- 19 -
need not make any findings with respect to the exact figures,
however, for regardless of which amount we use, the annual
additions allocated to Robert and Charlene Peers during each of
the plan years that ended July 31, 1987, through July 31, 1990,
clearly exceed the section 415 limitations. Petitioner has not
argued or established that any corrective measures were taken to
reduce these additions. See sec. 1.415-6(b)(6), Income Tax Regs.
Consequently, we hold that the ESOP failed to meet the
requirements of section 401(a) for the plan years beginning after
July 31, 1986, and that the related trust is not a qualified
trust under section 401(a) for the plan years beginning after
July 31, 1986.
Decision will be entered
for respondent.
10(...continued)
in his briefs, uses the $0 figure appearing on Robert and
Charlene Peers' individual return.
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