Funding a DC on top of a DC in a Year

[Guest Walt Dallas]

I have a 412(i) plan going in at 70% of the max contribution. The C Corporation employer is making profit sharing contributions at 25500 per employee per year. There are no nonhighly compensated employees. We are considering starting the plan on Dec 1. My question is if the annual 412(i) contribution is 50,000 but we are only making a 2001 contribution of 4166, is the 412(i) contribution deductable in full in 2001 as well as the profit sharing contribution? 404(a)(7) limits deductions to the greater of 25% of comp or the minimum funding standard of 412(i). The 25% of comp of 140K seems to be 35000. So could the difference of 9500 be funded into a 412(i) plan?