- 5 - Because an employer contribution was added to his account in 1995, petitioner was an active participant in Siesta’s profit- sharing plan in that year. See sec. 1.219-2(d)(1), Income Tax Regs. Petitioners also argue that “the law is not fair”, that “the law was designed to allow taxpayers to maximize their retirement savings”, and that a negative result in this case would “minimize the incentive to save”. This Court is not the proper place for these arguments. We must apply the law as it is written; it is up to Congress to address questions of fairness and to make improvements to the law. See Metzger Trust v. Commissioner, 76 T.C. 42, 59-60 (1981), affd. 693 F.2d 459 (5th Cir. 1982). Because petitioner was an active participant in a qualified retirement plan in 1995, petitioners are precluded by section 219(g) from deducting contributions to IRA’s made during that year. Reviewed and adopted as the report of the Small Tax Case Division. To reflect the foregoing, Decision will be entered for respondent.Page: Previous 1 2 3 4 5 6
Last modified: May 25, 2011