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COOK v. DEPT. OF TREASURY

Docket No. 17579.

53 Mich. App. 228 (1974)

218 N.W.2d 861

COOK v. DEPARTMENT OF TREASURY

Michigan Court of Appeals.

Decided May 2, 1974.

Attorney(s) appearing for the Case

Fraser, Trebilcock, Davis & Foster (by James A. Park and Robert W. Stocker, II), for plaintiffs.

Frank J. Kelley, Attorney General, Robert A. Derengoski, Solicitor General, and Richard R. Roesch and John W. Jackson, Jr., Assistants Attorney General, for defendant.

Before: McGREGOR, P.J., and R.B. BURNS and R.L. SMITH, JJ.

R.B. BURNS, J.

On February 1, 1968, plaintiff Wendell J. Cook, upon retirement, received $173,032.55 in a lump sum from the Michigan National Bank Employee's Profit Sharing Trust. The trust qualifies as a profit-sharing trust under § 401 of the Federal Internal Revenue Code. As a result, the plaintiffs were able to give capital gains treatment to the sum under the Federal Internal Revenue Code § 402(a)(2), Income Tax Regulation 1.402(a)-1(a)(6)(i). They...

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