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PROFESSIONAL & EXECUTIVE LEASING, INC. v. C.I.R.

No. 87-7379.

862 F.2d 751 (1988)

PROFESSIONAL & EXECUTIVE LEASING, INC., an Idaho corporation, Petitioner-Appellant, v. COMMISSIONER INTERNAL REVENUE SERVICE, Defendant-Appellee.

United States Court of Appeals, Ninth Circuit.

Decided December 6, 1988.

Attorney(s) appearing for the Case

Thomas G. Walker, Jr., Twin Falls, Idaho, for petitioner-appellant.

Michael J. Roach, Asst. U.S. Atty., Washington, D.C., for defendant-appellee.

Before FLETCHER, BOOCHEVER and TROTT, Circuit Judges.

BOOCHEVER, Circuit Judge:

Professional & Executive Leasing, Inc. (PEL) appeals a decision by the tax court in its action for declaratory relief. The tax court determined that PEL's retirement plans did not qualify under I.R.C. § 401 because the plans covered individuals who were not employees of PEL. Thus, the requirement of § 401(a)(2) that a qualifying plan be for the "exclusive benefit" of the employer's employees was not met. We Affirm.

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