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for 1989. Accordingly, we hold that the period of limitations is
not a bar to the assessment of a deficiency or additions to tax
with regard to petitioner's 1989 tax year.
Issue 2. 1988 Distribution
We next consider whether respondent erroneously determined
that petitioner had taxable income in 1988 in the amount of
$205,000 as a result of a purported distribution from his IRA at
USTCNY.
By stipulation petitioner concedes that he failed to report as
income a $205,000 distribution from his USTCNY IRA in 1988.
Notwithstanding the stipulation, petitioner testified that
sufficient funds were not available in the USTCNY IRA account to
make such a distribution, and in his brief, petitioner contends
that "such distribution did not occur". Respondent maintains that
sufficient funds were available in the account to make a $205,000
withdrawal and that such a distribution in fact occurred in 1988.
Rule 91(e) states that the Court will not allow a signatory to
a stipulation to qualify, change, or contradict the stipulation in
whole or part, except where justice otherwise requires. A
stipulation is treated as a conclusive admission by the parties,
and we do not permit a party to change or contradict a stipulation,
except in extraordinary circumstances. Jasionowski v. Commissioner,
66 T.C. 312, 318 (1976).
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