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BEALS BROS. MANAGEMENT CORP. v. C.I.R.

No. 01-3922.

300 F.3d 963 (2002)

BEALS BROS. MANAGEMENT CORP., Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals, Eighth Circuit.

Filed: August 27, 2002.

Attorney(s) appearing for the Case

Robert C. Thomson, argued, Des Moines, IA, for appellant.

Joel McElvain, Asst. Arty. Gen., US-DOJ, Tax Div., argued, Washington, DC (Eileen J. O'Connor, Kenneth L. Green, USDOJ, Tax Div., on the brief) for appellee.

Before WOLLMAN, RICHARD S. ARNOLD, and LOKEN, Circuit Judges.

LOKEN, Circuit Judge.

Petitioner Beals Brothers Management Corporation has funded an employee stock ownership plan ("ESOP") since its incorporation in 1987. In 1999, following a protracted administrative review, the Commissioner of Internal Revenue ruled that the ESOP was not a qualified retirement plan during the tax years in question because the plan failed to satisfy the minimum participation requirements of 26 U.S.C. § 401(a)(3). Petitioner then filed this...

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