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of Form 5500 reports the total present value of vested benefits
for participants as of the end of the plan year as $335,384.
Moreover, the Form 5500 reports that petitioner owes $231,796 in
contributions which are more than 3 months overdue. Thus, the
contributions petitioner owes to the Defined Benefit Plan
represent more than two-thirds of the participants' vested
benefits. For the plan year ended October 31, 1990, the Schedule
B of Form 5500 reports the total present value of vested benefits
for participants as of the end of the plan year as $341,583. In
addition, the Form 5500 reports $257,639 in contributions that
petitioner owes the trust which are more than 3 months overdue.
Thus, the contributions petitioner owes to the Defined Benefit
Plan represent 75 percent of the participants' vested benefits.
For the plan years ended October 31, 1988, 1989, and 1990,
petitioner owed contributions to the Defined Benefit Plan of
$188,983, $231,796, and $257,639, respectively. This pattern of
increasing overdue contributions each plan year shows that
petitioner was consistently not making contributions to the
Defined Benefit Plan even though the participants' vested
benefits were increasing. Moreover, on this record petitioner
has not shown that it refrained from taking deductions for
contributions to the Defined Benefit Plan which it was not
making. The problem is thus exacerbated.
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