- 2 - Rules 180, 181, and 183.1 The Court agrees with and adopts the Opinion of the Special Trial Judge, which is set forth below. OPINION OF THE SPECIAL TRIAL JUDGE ARMEN, Special Trial Judge: Respondent determined the following deficiencies in petitioners' Federal income and excise taxes for the taxable years 1989 and 1990: (1) For the taxable year 1989, respondent determined a deficiency in petitioners' income tax, as well as deficiencies in petitioners' excise taxes under sections 4973 and 4980A,2 in the total amount of $73,905. The deficiency in income tax includes the 10-percent additional tax imposed by section 72(t) on early distributions from qualified retirement plans.3 1 Unless otherwise indicated, all section references are to the Internal Revenue Code in effect for 1989 and 1990, the taxable years in issue, and all Rule references are to the Tax Court Rules of Practice and Procedure. 2 Sec. 4973 imposes a 6-percent excise tax on excess contributions to individual retirement accounts. Sec. 4980A imposes a 15-percent excise tax on excess distributions from qualified retirement plans. Both of these taxes are included within ch. 43 of the I.R.C. They are therefore subject to the deficiency procedures set forth in subch. B of ch. 63 of the I.R.C. See sec. 6211(a). 3 The notice of deficiency is not a model of clarity. However, the deficiencies determined therein for the taxable year 1989 are as follows: Deficiency in income tax (1) Regular income tax under sec. 1 $38,233 (2) Additional tax under sec. 72(t) 22,781 $61,014 Deficiencies in excise taxes (1) Under sec. 4973 9,000 (2) Under sec. 4980A 3,891Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011