Subscribe Now!
Free Daily News, Jobs, Webcasts, Discussions
Display and Distribute
Your Job Openings
COVID-19 News
COVID-19 Webcasts

Featured Jobs

Retirement Plan Consultant

Definiti
(Telecommute / Dallas TX / University Place WA / Spring TX)

Definiti logo

Distribution Specialist

Carpenter Morse Group
(Telecommute / Longwood FL)

Carpenter Morse Group logo

Free Daily News and Jobs

“BenefitsLink continues to be the most valuable resource we have at the firm.”

-- An attorney subscriber

Mobile App image LinkedIn icon
Twitter icon
Facebook icon

<< Previous news item   |   Next news item >>



Tenth Circuit to Address Deferred Corporate Deductions for Expenses Payable to ESOP-Participating Employees
McDermott Will & Emery Link to more items from this source
Mar. 8, 2018
"[The employer] claimed the deductions, and the shareholders claimed flow-through deductions for the accrued but unpaid payroll expenses. The IRS disallowed these deductions... because [the employer] and the ESOP-participating employees were considered 'related persons.'... [The Tax Court] concluded that the ESOP trust was a 'trust' for purposes of IRC Section 267(a)(2) [which meant that] Petersen and other S corporations must defer deductions for expenses paid to their ESOP-participating employees until those expenses are includable in those employees' gross income.... [T]he shareholders argue that Congress never intended for IRC Section 267 to apply to employee trusts such as ESOPs."

Please click here to report this link if it is broken (for example, if you see a "404 File Not Found" error message after you click on the link above).
An important word about authorship: BenefitsLink® is providing a hypertext link to the item shown above, but is not the author of the item (unless otherwise specified).
© 2020 BenefitsLink.com, Inc.