Jimmy D. and Marlene M. Morloc Weaver - Page 8

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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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