Does anybody have an opinion on the following situation? An employer has a 7/01/00-6/30/01 fiscal year. We adopt a plan today with a 2/1/01-1/31/02 plan year-limitation year. under section 1.404(a)-14©1 , he intends to take a deduction for the defined benefit plan for the plan year commencing within the taxable year. We will use plan year compensation limited to 170000. He will extend his corporate return to 3/15/02 and make his contribution at that time. Can we do a 1/31/02 valuation based on the new law section 415 limitations and take the deduction on the 6/30/01 return?