Appellant, aged 76 and now living in Florida, worked as a traveling salesman for a men's clothing chain until November 28, 1971 when his employer forced him to retire. Upon this retirement appellant received from the employer's profit sharing plan a lump sum payment of $29,511. The employer alone had contributed to the plan. The board determined that, based on appellant's age of 76, the lump sum payment was the equivalent of a yearly payment of $3,963.14 and reduced appellant...
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