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under section 4975(c)(1)(B), and that excise taxes were due under
section 4975(a). Respondent also determined that petitioner
failed to file Forms 5330 to report its liability for the excise
taxes and that petitioner was liable for the additions to tax
under section 6651(a)(1).
Discussion
I. Liability Under Section 4975
A. The Statutes
Section 4975 was added to the Internal Revenue Code by title
II of the Employee Retirement Income Security Act of 1974
(ERISA), Pub. L. 93-406, sec. 2003, 88 Stat. 829, 971. ERISA was
enacted to
protect * * * the interests of participants in employee
benefit plans and their beneficiaries, by requiring the
disclosure and reporting to participants and beneficiaries
of financial and other information with respect thereto, by
establishing standards of conduct, responsibility, and
obligation for fiduciaries of employee benefit plans, and by
providing for appropriate remedies, sanctions, and ready
access to the Federal courts. [ERISA sec. 2(b), 29 U.S.C.
sec. 1001(b) (1988).]
The statutory framework of ERISA contains four separate
titles. We deal with Titles I and II. Title I of ERISA contains
the “labor provisions” codified as amended in 29 U.S.C. secs.
1001-1461 (1988). The labor provisions were designed to give the
Department of Labor broad remedial powers over employee benefit
plans. Title II of ERISA contains the “tax provisions” including
section 4975. The tax provisions, contained in the Internal
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