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When the petition was filed in the instant case, petitioner
resided in Atlanta, Georgia.
Petitioner is a certified public accountant and a registered
investment adviser; also, he holds various certifications in the
area of financial planning and investment managing, including
certified employee benefits specialist, certified financial
planner, and charter financial consultant.
1. The Plan
Petitioner owns 100 percent of Rollins & Associates, P.C., a
certified public accounting firm, hereinafter sometimes referred
to as Rollins. Rollins has a section 401(k) profit-sharing plan,
known as Rollins & Associates, P.C. 401(k) Profit Sharing Plan
hereinafter sometimes referred to as the Plan. The Plan’s
predecessor dates back at least to 1985.
At all times relevant herein, the Plan was tax-qualified
under section 401(a), and the Plan’s underlying trust was exempt
from tax under section 501(a).
Rollins has been the sole trustee under the Plan since 1985.
The trustee is responsible for the following items, as well as
other items listed in the Plan’s governing instrument:
investing, managing, and controlling the Plan’s assets (subject
to the direction of an investment manager if the trustee appoints
one); paying benefits required under the Plan at the direction of
the administrator; and maintaining records of receipts and
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