DNA Pro Ventures v. Commissioner

The Eighth Circuit affirmed the disqualification of tax-exempt status of an Employee Stock Ownership Plan (ESOP) because it exceeded the I.R.C. 415 contribution limit. In this case, the Tax Court did not clearly err in basing its findings of fact on the IRS's uncontested Explanation of Items, which established that DNA Pro Ventures' 2008 contribution to Dr. Daniel Prohaska's ESOP account substantially exceeded the section 415 contribution limit for that year. View "DNA Pro Ventures v. Commissioner" on Justia Law