IRCCourt RulingsJul 6, 2022
… made
an excess contribution of $25 ,132, 89 2 to his individual retirement account (IRA) . Section 4973(a) imposes an excise tax “in an amount equal
to 6 percent of the amount of the excess contributions ” that a taxpayer
makes to an IRA in any given year .
1
This excise tax continues to appl y
to future tax years , u…
IRCCourt RulingsJan 12, 1998related by meaning
tely $1,026,855 in U. S.
currency deposited into various bank accounts during the period
January 19, 1988, through August 23, 1989, in violation of 31 U.S.C. sections 5324(3) and 5322(a) (1988); and (3) 10 counts
alleging violations of customs reporting requirements.
On January 9, 1992, petitioner entered into a plea a…
IRCPrivate Letter RulingsMar 2, 2001related by meaning
was to punish a pension plan sponsor for fa iling to fund a pension plan as
required by ERISA. 518 U.S. at 225-26. The Court, thus, concluded that the section 4971 liab ility was a penalty not entitled to priority.
Although the Supreme Court in CF&I
addressed section 4971 rather than
section 4975, Collection, Bankruptc…
IRCCourt RulingsMay 23, 2011
…an, he nonetheless should not be taxed
for any excess contributions for 2003. He notes that section 4973 requires that.the Court determine the excess funding amount
as of the close of the taxable year; i.e., 2003." Because he
did not make his SEP plan contribution until 2004, petitioner
"Respondent determined that peti…
IRCCourt RulingsOct 26, 2015
… petitioners contend that the 2008 contribution was an "excess contribution[]" described in section 4973(b), which supposedly became deductible in
2010 under section 219(f)(6). Section 4973(a) imposes a 6% excise tax on "excess
contributions" to an IRA; as relevant here, section 4973(b)(1) defines "excess
contributions…
IRCCourt RulingsDec 19, 1995
…eded that the notice of deficiency overstates
the amount of the deficiency in excise tax under sec. 4973 and that the correct amount of such deficiency is $4,080 rather than $4,200. On brief,
respondent conceded that petitioner Sandra L. Ross is not
liable for any
deficiency in excise tax under either sec. 4973 or 4980…
IRCCourt RulingsNov 15, 2004related by meaning
lan's participants and beneficiaries. (This
prohibition is not included in the tax provisions,
because of the difficulty in determining an appropriate measure for an excise tax.) [Iji at 309, 1974-3 C.B. at
470.)
* * * * * * *
Following present law with respect to private
foundations, under the substitute where a fiduc…
75 FR 53172 — Prohibited Transaction Exemption Procedures; Employee Benefit Plans ERISAProposed Rules (FR)Proposed Aug 30, 2010related by meaning
s assessed by the Treasury and Labor Departments in connection with prior prohibited transactions
—The current version of § 2570.35(a)(14)(v) requires ( printed page 53177)
an applicant to disclose whether any excise taxes due under sections 4975(a) and (b) of the Code by reason of a consummated exemption transaction h…
87 FR 14722 — Procedures Governing the Filing and Processing of Prohibited Transaction Exemption Applications ERISAProposed Rules (FR)Proposed Mar 15, 2022related by meaning
cy or attempt to commit any such crimes or a crime of which any of the foregoing crimes is an element; or any crime described in ERISA section 411; or (B) Convicted by a foreign court of competent jurisdiction or released from imprisonment, whichever is later, as a result of any crime, however denominated by the laws o…
IRCCourt RulingsJun 7, 1984
…hat the petitioner-husbands (see note 2 supra) should not be liable for penalty taxes under section 4973, even as to excess contributions, since (1) the entire rollover contributions appeared to them to be proper when the contributions were made, and (2) they "should be afforded a reasonable time to correct the excess …
IRCCourt RulingsAug 3, 1979
…uphold the constitutionality of section 219(b)(2), then the 6-percent excise tax imposed by section 4973 cannot be imposed because there are no excess contributions to be so taxed, since no contributions are permitted under section 219(b)(2). Respondent disagrees.
We agree with respondent that the section 4973 tax appl…
ERISARegulationsJan 1, 2017related by meaning
[Reserved]
Notice 2024-2 — Miscellaneous Changes Under the SECURE 2.0 Act of 2022 IRCNoticesModified Jan 8, 2024
…dual retirement annuity described in section 408(b).
6 The definition of “State” for purposes of 42 USC 1395x(r)(1) is in 42 USC 410(h), which provides that the term “State” includes the District of Columbia, the Commonwealth of Puerto Rico, the Virgin Islands, Guam, and American Samoa.
91 FR 4348 — Improving Transparency Into Pharmacy Benefit Manager Fee Disclosure ERISAProposed Rules (FR)Proposed Jan 30, 2026
…& Dana P. Goldman,
Overpaying for Prescription Drugs: The Copay Clawback,
(2018),
https://schaeffer.usc.edu/research/overpaying-for-prescription-drugs/.)
Back to Citation
183.
Megan Thompson (2018), W
hy a Patient Paid a $285 Copay for a $40 Drug, https://www.pbs.org/newshour/health/why-a-patient-paid-a-285-copa…
87 FR 80042 — Exception for Interests Held by Foreign Pension Funds IRCFinal Rules (FR)Dec 29, 2022related by meaning
ef Counsel (International). However, other personnel from the Treasury Department and the IRS participated in their development.
( printed page 80055) List of Subjects in 26 CFR Part 1
Income taxes
Reporting and recordkeeping requirements
Adoption of Amendments to the Regulations
Accordingly, 26 CFR part 1 is amended a…
IRCCourt RulingsFeb 29, 2012related by meaning
statutory notice of deficiency was issued more than 6 years after
petitioner filed its Form 5530. The statute of,limitations is an affirmative defense that must be specifically pleaded; Petitioner did not raise the statute of;limitations
as an affirmative defense in its pleadings for the taxable year at issue.
Accordin…
IRCRegulationsDec 30, 2016related by meaning
(a) (a) [Reserved]
Rev. Proc. 2025-3 — The revenue procedure updates Rev. Proc. 2024-3, 2024-1 I.R.B.143, to provide a revised list of areas under the jurisdiction of the Associate Chief Counsel (Co… IRCRevenue ProceduresDec 30, 2024related by meaning
ng in a change in beneficial interests causes the loss of GST exempt status or constitutes a taxable termination or taxable distribution under § 2612. (18) Sections 4966 and 4967.—Taxes on Taxable Distributions; Taxes on Prohibited Benefits.—Issues involving interpretation of §§ 4966 and 4967 regarding distributions fr…
ERISARegulationsJan 1, 2017related by meaning
[Reserved]
IRCCourt RulingsDec 28, 2000related by meaning
filed a voluntary petition
for reorganization under chapter 11 of the Bankruptcy Code (the
bankruptcy case). In the bankruptcy case, the Commissioner asserted a section 4971 deficiency against the company for
- 4 -
failure to satisfy the minimum funding standard pursuant to
section 412.
In 1994, petitioner was indicte…