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plan year shall be deemed to have been made on the last day
of such year.
The issue in this case is whether the October 3, 1994,
contribution to the Plan was timely. Both parties agree that the
contribution to the Plan made on October 3, 1994, was made more
than 8-1/2 months after the plan year ended. Petitioner contends
that the language of section 412(c)(10)(B) acts as a safe-harbor
and not as a definitive deadline. Petitioner argues that section
412(c)(10)(B) does not contain any language indicating that it is
the sole time period in which a deemed contribution can be timely
made. Petitioner points to the language of section 412(b)(3)(A),
i.e., “the amount considered contributed by the employer to or
under the plan for the plan year”, and contends that the use of
the phrase “plan year” indicates that other time periods are
contemplated by the statute.
We cannot read the phrase “plan year” in section
412(b)(3)(A) to mean that separate time periods are contemplated
by the statute. The use of the phrase “plan year” is a reference
to the actual calendar or fiscal tax year of the plan. In this
case, references to the “plan year” would be references to the
Plan in 1993 that ended December 31. Section 412(c)(10)(B)
determines when a contribution is deemed contributed, not section
412(b)(3)(A). If an amount is deemed contributed under section
412(c)(10)(B), section 412(b)(3)(A) simply acts to credit that
amount to the funding standard account. Section 412(c)(10)(B)
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