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of deficiency to petitioner on December 19, 1996, after
determining deficiencies in the 1991, 1992, and 1993 income tax
of Unilever Superannuation Fund (Fund).
Following respondent's concession that the Fund does not
have a deficiency for 1992, we must decide whether the notices of
deficiency are timely as to 1991 and 1993. We hold they are.
Unless otherwise indicated, section references are to the
Internal Revenue Code in effect for the subject years. Dollar
amounts are rounded to the nearest dollar.
Background
The Fund is a trust with its principal office in London,
United Kingdom. Petitioner is the Fund's trustee. The Fund does
not engage in a trade or business in the United States, it does
not have income effectively connected with a U.S. trade or
business, and it does not have income attributable to a permanent
establishment in the United States.
During 1991 and 1993, the Fund received dividends on stock
it owned in certain domestic corporations. These dividends were
subject to Federal income tax withholding in the amounts of
$867,222 for 1991 and $606,120 for 1993. The withholding agents
withheld the required amounts of tax and remitted the withheld
amounts to respondent. The agents and certain financial
intermediaries involved in these transactions filed with
respondent 1991 and 1993 Forms 1042, Annual Withholding Tax
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