- 10 -
two active participants. It further reports no contributions
made to the Defined Benefit Plan by the employer. In addition,
the Schedule B reports $257,6398 as the contribution necessary to
reduce the funding deficiency.
The Form 5500 for the Defined Benefit Plan for the plan year
ended October 31, 1991, reports total plan assets of $179,628 at
the beginning of the plan year and $171,003 in plan assets at the
end of the plan year. It further reports plan income of -$8,625.
In addition, it reports that the plan at any time held 20 percent
or more of its assets in any single security, debt, mortgage,
parcel of real estate, or partnership/joint venture interests and
that the dollar amount was $124,021.
The activity in petitioner's Defined Benefit Plan Trust
account at the Bank of New York for account No. 015-268675 was as
follows:
8Funding standard account statement for plan year ending
Oct. 31, 1990:
Charges to funding standard account:
Prior year funding deficiency $231,796
Employer's normal cost 554
Interest 18,588
Addtl. interest due to late
contributions 6,701
Total charges 257,639
Credits to funding standard account -0-
Funding deficiency 257,639
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Last modified: May 25, 2011