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Petitioner resided in Portland, Oregon, at the time the petition
was filed.
This case was submitted fully stipulated under Rule 122, and
the facts may be summarized as follows. Petitioner is a
certified public accountant doing business as a sole
proprietorship. On November 22, 1993, petitioner adopted a
revised money purchase pension plan (the Plan) effective January
1, 1993. The Plan was adopted to meet the requirements of the
Tax Reform Act of 1986, Pub. L. 99-514, 100 Stat. 2085, and
subsequent legislation including the Omnibus Budget
Reconciliation Act of 1993, Pub. L. 103-66, 107 Stat. 312.
The Plan is a qualified plan within the meaning of section
401. The Plan is subject to the funding requirements of section
412, and petitioner is an employer within the meaning of section
412. Both petitioner and the Plan have taxable years ending
December 31. Petitioner made contributions to the Plan for 1993
of $1,491 and $4,145 on April 28 and October 3, 1994,
respectively.
Respondent determined that the October 3, 1994, contribution
was made after the period allowed by section 412(c)(10)(B). As a
consequence the Plan failed to meet the minimum funding standard
for 1993. Respondent also determined that petitioner failed to
file a Form 5330, Return of Excise Taxes Related to Employee
Benefit Plans. Respondent issued a notice of deficiency for 1993
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