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he retired. Rahill calculated that petitioner's annual pension
benefit was $22,038.37 ($36,730.62 x 60%). His monthly pension
benefit was $1,836.53.
On September 8, 1992, Joyce wrote a letter to Benefit Plan
Services of State Street Bank & Trust Co. about petitioner's
retirement, stating:
Mr. William E. Levesque has retired from the City of
Pawtucket effective September 4, 1992.
Mr. Levesque is entitled to a partial check in the
amount of $1,591.72 for the month of September only and
all subsequent checks will be for the full pension
amount of $1,836.53.
Please forward Mr. Levesque's pension checks to:
119 Hunts Avenue
Pawtucket, RI 02861
Mr. Levesque's monthly pension amount is $1,836.53. He
will receive a cost of living every September 1st of
1.5%. Mr. Levesque has elected to have no Federal or
State Tax deductions from his monthly pension check.
If you have any questions pertaining to this
correspondence, please contact this office.
In 1992, petitioner received pension payments from Pawtucket
totaling $7,101. That amount equaled 60 percent of his pay from
his retirement date to December 31, 1992.
C. Petitioner's Tax Return
Petitioner timely filed his 1992 Federal income tax return
in which he reported income and deductions for the taxable year
1992 using the cash receipts and disbursements method of
accounting. Petitioner attached a copy of Form 1099-R to his
1992 Federal income tax return. It showed that he had received
the $7,101. Petitioner did not include any of that amount in his
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Last modified: May 25, 2011