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ended June 30, 1987, and subsequent years. Respondent also
determined that the trust that constituted a part of the MGMT
ESOP was consequently not exempt from taxation under section
501(a) for the same years. Following these determinations,
respondent revoked a favorable determination letter previously
issued to petitioner with respect to the MGMT ESOP.
Petitioner timely invoked the Court’s jurisdiction under
section 7476. Petitioner seeks a declaratory judgment that
respondent erred in his determination that the MGMT ESOP does not
meet the requirements of section 401. We hold that respondent
did not err as averred.
FINDINGS OF FACT2
When the petition was filed, petitioner maintained a
principal place of business in Des Moines, Iowa. Petitioner was
incorporated to provide management and advisory services to Beals
Brothers Manufacturing Co. (MFG). At all relevant times,
petitioner’s officers and directors consisted of one or more of
the following persons: Richard Faye Beals, Donald Wayne Beals,
Fay J. Beals (collectively, the Bealses), and Gayle D. Isaac
(collectively with the Bealses, the management officers).
Petitioner had no other officers or employees during that time.
2 Some of the facts have been stipulated and are so found.
The exhibits accompanying the stipulation of facts and the
stipulated administrative record are incorporated by this
reference.
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