Winthrop B. and Sally L. Orgera - Page 6

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          withdrawn during 1990 are taxable in that year.  With respect to            
          the balance, petitioner argues that his credit union deposit was            
          sufficient to meet the requirements of section 402(a)(5).  It was           
          petitioner's understanding that an IRA account had been opened              
          with the Kansas bank and that he was covered for purposes of the            
          rollover.  Petitioner also believed that the credit union and Mr.           
          Supinski were connected with petitioner's former employer,                  
          Western, and that they were trying to assist in the rollover                
          process.  Although Mr. Supinski attempted to make it clear to               
          petitioner that his IRA with the Kansas bank was only for                   
          illiquid assets distributed in kind, petitioner believed that               
          somehow the credit union, the Kansas bank, and his IRA were                 
          connected.                                                                  
               During the trial, petitioner demonstrated an unfamiliarity             
          with the role of the Kansas bank, the nature or mechanics of an             
          IRA account, and Mr. Supinski's role in the entire process.                 
          Petitioner believed that maintaining the plan distributions in              
          his Western credit union accounts was part of his IRA.  Mr.                 
          Supinski was attempting to profit from selling investments to be            
          included in petitioner's IRA.  Petitioner did not make a                    
          distinction between depositing the distribution in the credit               
          union and the investments recommended by Mr. Supinski for                   
          placement in the IRA.                                                       
               Petitioner applied for an IRA, which was opened in his name,           
          albeit in a Kansas bank.  Petitioner followed Mr. Supinski's                




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