IN BRIEF : Supreme Court to Look at Cashless Pension Funding
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The Supreme Court agreed to decide whether employers can contribute property instead of cash to meet funding obligations for pension plans that cover 40 million American workers.
The court will study arguments by an Alexandria, Va., real estate agent that such pension-fund contributions don’t have to be in cash.
In 1984 Dallas C. Wood created a pension plan in which he was the sole participant. It was subject to the minimum funding requirements of the federal Employee Retirement Income Security Act.
Wood transferred three promissory notes with a combined value of $114,000 to the plan, then claimed the $114,000 as a tax deduction on his 1984 federal income tax return.
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