§54 — Repealed. Pub. L. 115–97, title I, § 13404(a), Dec. 22, 2017, 131 Stat. 2138]

54.4975-11, Pension Excise Tax Regs. The IRS asserts that the Osmose ESOP meets all such requirements and thus was entitled to preferred tax treatment under section 401(a). Section 72(t)(1) imposes an additional tax of 10% on the portion ofa distribution from a qualified retirement plan that is includable in gross income unless one ofthe exceptions set forth in section 72(t)(2) applies. Section 72(t)(2)(A)(v) provides that the 10% additional tax does not apply to a distribution "made to an emplo

Accordingly, we hold that, in determining the "amount involved" relating to petitioners' loan, 10.5 percent is the fair market interest rate.

We note that the regulation on which respondent relies on this issue--section 54.4975-6(a)(5)(i), Pension Excise Tax Regs.- -deals with "the furnishing of office space or a service" and prohibits a fiduciary from causing "a plan to pay an additional fee to such fiduciary* * * to provide a service", and prohibits an arrangement "whereby such fiduciary * * * will receive consideration from a third party in connection w

In advancing this contention, petitioners rely on section 54.4981A-1T(a- 3)(c)(2)(i), Temporary Qualified Pension Plan Excise Tax Regs., 52 Fed.

Under section 6011 and section 54.6011-1(b), Pension Excise Tax Regs., every disqualified person liable for the tax imposed under section 4975(a) with respect to a prohibited transaction shall file an annual return on Form 5330 for each taxable year in the taxable period.9 See Janpol v.

1991). The difficulty with petitioner's position is that there was nevertheless a valid cancellation of petitioner's debt by the FDIC on November 12, 1991, which was plainly binding between the parties and on anyone having notice even prior to recordation. No Massachusetts authority to the contrary has been called to our attenti

Garner, Reading Law: The Interpretation of Legal Texts § 54, at 322 (2012))); id.

1475 (1970). Petitioners did not own the properties that were developed and sold under the JVA. Petitioner provided capital for Prime's purchases ofvacant lots and received promissory notes which were tied to sales ofhomes to be constructed by Prime on the lots. Pursuant to the terms ofthe JVA petitioner never held properties for sale to

Sec. 1.6011-1, Income Tax Regs. Specifically, an employer liable for tax under section 4972 "shall file an annual return on Form 5330 and shall include therein the information required by such form and the instructions issued with respect thereto." Sec. 54.6011-1(a), Pension Excise Tax Regs. - 49 - Section 6651(a)(1) provides that ifa taxpayer fails to file when due a return required by one ofseveral listed subchapters, including subchapter A ofchapter 61 (within which section 6011 falls), "unl

Petitioner had two classes ofstock in 2002 when it elected to be treated as an S '2An accrual ofadditional benefits includes a release and allocation ofassets from a suspense account, as described in sec.

ec. 30A (Puerto Rico economic activity credit); sec. 30B (alternative motor vehicle credit); sec. 30C (alternative fuel vehicle refueling property credit); sec. 38 (general business credit); sec. 53 (credit for prior year minimum tax liability); and sec. 54 (credit to holders ofclean renewable energy bonds). In using that same phrase, the general business credit under section 38 brings along with it more than 30 other credits that must also be considered a "credit against the tax". See sec. 38(b

54:32B-8.16 (West 2002) provides: "Receipts from sales oftangible personal property and production and conservation services to a farmer for use and consumption directly and primarily in the production, handling, and preservation for sale ofagricultural or horticultural commodities at the farming enterprise ofthat farmer are exempt from the ta

); sec. 30A (Puerto Rico economic activity credit); sec. 30B (alternative motor vehicle credit); sec. 30C (alternative fuel vehicle refueling property credit); sec. 38 (general business credit); sec. 53 (credit for prior year minimum tax liability); sec. 54 (credit to holders of clean renewable energy bonds). In using that same phrase, the general business credit under section 38 brings along with it more than 30 other credits that must also be considered a “credit against the tax”. See sec. 38(

54:3-17 (West 2002) (each county tax administrator must annually determine the "ratio or percentäge oftrue value at which the real property ofeach taxing district is in fact assessed"); id. sec. 54:1-35.3 (The director ofthe division oftaxation must determine the "ratio of aggregate assessed to aggregate true valuation ofreal estate ofeach tax

54.1-1115(A)(1), (B) (2009); see Tuggle Masonry, Inc. v. Dailey, 2010 WL 7372379, at *1 (Va. Cir. Ct. 2010). - 8 - Vienna property and granted FCFRD permission to use the Vienna property as follows: This is to certifythat: UPEN PATEL & AVANTI PATEL * * * is the true owner or authorized agentofthe property located at (address): * * * [the Vien

54.4972- 1(a), Excise Tax Regs. Form 5329 is a tax return within the meanind of section 6011, and failure to files Form 5329 can result in section 6651 dditions to tax. Frick v. Commissioner, suora. Further, as discussed supra part I, Form 5329 is a separate tax retuin from Form 1040. See -also Martin Fireproofing Profit- Sharing Plan & Trust

Disability survivor benefits . If a member who is receiving a disability benefit under subdivision 1 or 3 : (a) dies before attaining age 65 or within five years of the effective date of the disability, whichever is later, the surviving spouse shall receive a survivor benefit under section 353 .657, subdivision 2 or 2a, unless the

ay its plan administrator to prepare those returns. We agree with respondent. A disqualified person who engages in a prohibited transaction is required to file an excise tax return for each taxable year in the taxable period. Secs. 4975(f)(2), 6011; sec. 54.6011-1(b), Pension Excise Tax Regs.; see also Janpol v. Commissioner, 102 T.C. 499, 500 (1994). Such a person who fails to do so timely is generally liable under section 6651(a)(1) for a monthly addition to tax equal to 5 percent of the amoun

ing on the date the agreement was executed and contains a provision that the lease is “to be automatically renewed year to year”. Many states recognize a distinction between an extension and a renewal of a lease. See 51C C.J.S., Landlord and Tenant, sec. 54b, at 164 (1968); 49 Am.Jur.2d, Landlord and Tenant, sec. 141 (1995). In such states, an extension creates on its own force an additional term, and the same lease continues in force during the additional period. See 51C C.J.S., Landlord and Te

54.6011-1(b), Pension Excise Tax Regs. Section 6651(a)(1) imposes an addition to tax for failure to file a required return, unless petitioner establishes that such failure is due to reasonable cause and not willful neglect. Petitioner failed to file excise tax returns for the years in issue and has failed to establish that he had reasonable ca

Section 54.6011-1(a), Pension Excise Regs., requires any employer who is liable for the tax under section 4971(a) to file an annual return on Form 5330. Petitioner did not file such a return. Section 6651(a)(1) imposes a minimum addition to tax for failure to timely file a return in the amount of $100 or 5 percent of the amount of tax due per month

54.6011-1(b), Pension Excise Tax Regs. Neither petitioner filed Forms 5330 for the years at issue. Petitioners' failure to file Forms 5330 renders each petitioner liable for the addition to tax under section 6651. See Janpol v. Commissioner, 102 T.C. 499, 500 (1994). Petitioners do not contend that they are not liable for the additions to tax

v. Commissioner, 49 T.C. 200, 204 (1967), affd. 410 F.2d 302 (6th Cir. 1969). A disqualified person who engages in a prohibited transaction is required to file an excise tax return for each taxable year in the taxable period. Secs. 4975(f)(2), 6011; sec. 54.6011-1(b), Pension Excise Tax Regs.; see also Janpol v. Commissioner, supra at 500. Because petitioner was a disqualified person who engaged in a prohibited transaction on October 19, 1990, and the transaction remained uncorrected upon issuan

54.4981A-1T, Temporary Qualified Pension Plan Excise Tax Regs. We also take note of the fact that petitioner's argument is contrary to the applicable regulation. Thus, sec. 54.4981A-1T(a- 8), Temporary Qualified Pension Plan Excise Tax Regs., 52 Fed. Reg. 46751 (Dec. 10, 1987), provides in relevant part that "all distributions from qualified e

First, petitioners argue that the term "qualified employer plan" as used in section 4980A(e)(2) and section 54.4981A-1T(a-3)(c)(2), Temporary Qualified Pension Plan Excise Tax Regs., 52 Fed.

54.4975-6(a)(5)(ii), Qualified Pension Plan Excise Tax Regs. A fiduciary does not "[deal] with * * * assets of a plan in his [or her] own interest" when he or she absents himself or herself from all consideration of the investment proposal and the trustees make an independent investment decision. See sec. 54.4975-6(a)(6), Example (7), Qualifie

54.6011-1(b), Pension Excise Tax Regs. Section 4975(f)(2) defines the term "taxable period" as the period beginning with the date on which the prohibited transaction occurs and ending on the earliest of the date of mailing the notice of deficiency, the date of assessment, or the date on which the prohibited transaction is corrected. Accordingl