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profit-sharing, or annuity plan, or if compensation is
paid or accrued on account of any employee under a plan
deferring the receipt of such compensation, such
contributions or compensation shall not be deductible
under this chapter; but, if they would otherwise be
deductible, they shall be deductible under this section
* * *
* * * * * * *
(b) Method of Contributions, Etc., Having the
Effect of a Plan; Certain Deferred Benefits.—
(1) Method of contributions, etc.,
having the effect of a plan.—If—
(A) there is no plan, but
(B) there is a method or
arrangement of employer
contributions or compensation which
has the effect of a stock bonus,
pension, profit-sharing, or annuity
plan, or other plan deferring the
receipt of compensation * * *,
subsection (a) shall apply as if there were
such a plan.
* * * * * * *
(d) Deductibility of Payments of Deferred
Compensation, Etc., to Independent Contractors.—If a
plan would be described in so much of subsection (a) as
precedes paragraph (1) thereof (as modified by
subsection (b)) but for the fact that there is no
employer-employee relationship, the contributions or
compensation—
(1) shall not be deductible by the payor
thereof under this chapter, but
(2) shall (if they would be deductible
under this chapter but for paragraph (1)) be
deductible under this subsection for the
taxable year in which an amount attributable
to the contribution or compensation is
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Last modified: May 25, 2011