- 35 - Drs. Hirshkowitz and Desai. Of the $70,000 paid to Peoples Security, $50,000 was attributable to the coverage of Dr. Hirshkowitz, and $20,000 was attributable to the coverage of Dr. Desai. On its 1993 Federal corporate income tax return, Lakewood claimed a $296,055.90 deduction for VEBA contributions made for the following persons’ benefits: Trustee’s fees........ $1,000.00 Dr. Hirshkowitz.......211,119.90 Dr. Desai............. 55,000.00 Dr. Sobo.............. 15,000.00 Dr. Sankhla........... 5,750.00 Dr. McManus........... 18,186.00 296,055.90 1The Lakewood Plan returned this $5,000 to Lakewood in October 1993. This deduction consists of contributions to the Lakewood Plan and $82,926.23 that Lakewood paid directly to Peoples Security for C- group term policies purchased outside of the Lakewood Plan for Drs. Hirshkowitz, Sankhla, and Desai. Of the $82,926.23 paid to Peoples Security, $57,168.80 was attributable to the coverage of Dr. Hirshkowitz, $5,750 was attributable to the coverage of Dr. Sankhla, and $20,007.43 was attributable to the coverage of Dr. Desai. During the relevant years, the Lakewood Plan purchased 12 insurance policies on the lives of Lakewood’s principals. The attributes of these policies are as follows.Page: Previous 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 Next
Last modified: May 25, 2011