- 2 -
OPINION
DAWSON, Judge: This case was assigned to Special Trial
Judge Carleton D. Powell pursuant to section 7443A(b)(3) and
Rules 180, 181, and 182.1 The Court agrees with and adopts the
opinion of the Special Trial Judge, which is set forth below.
OPINION OF THE SPECIAL TRIAL JUDGE
POWELL, Special Trial Judge: Respondent determined a
deficiency of $17,393 and a section 6662 accuracy-related penalty
of $3,479 in petitioner’s 1998 Federal income tax. After
concessions,2 the issue is whether a transaction involving the
purchase of stock in S.K./R.M.A., Inc. (S.K.),3 constituted a
distribution to petitioner from his individual retirement account
(IRA). At the time the petition was filed, petitioner resided in
New Orleans, Louisiana.
1 Unless otherwise indicated, section references are to the
Internal Revenue Code in effect for the year in issue, and Rule
references are to the Tax Court Rules of Practice and Procedure.
2 Petitioner concedes that he failed to report $87 of
interest income. Respondent concedes that petitioner is not
liable for the sec. 6662 penalty.
3 S.K. apparently stands for Smoothie King, which we gather
was the trade name of a product.
Page: Previous 1 2 3 4 5 6 7 8 9 10 Next
Last modified: May 25, 2011