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$2,000) in 1989. See sec. 219(a), (g); sec. 4973(b). The
contribution to petitioner's Fidelity IRA in the amount of
$221,534.81 was distributed to and received by petitioner on
August 14, 1990, and is not at issue in this case. Sec.
408(d)(4).
At issue in this case is whether the distribution of
petitioner's excess contributions from her First American IRA's
made on November 6, 1990, in the amount of $88,000 (i.e.,
$309,534.81 less $221,534.81) qualifies for relief pursuant to
section 408(d)(4).
In order to qualify for relief under section 408(d)(4), the
excess contributions made by petitioner to her First American
IRA's must have been received by petitioner on or before August
15, 1990, the extended due date for petitioners' 1989 income tax
return. Petitioner received the excess contributions on or about
November 6, 1990, almost 3 months after the time prescribed by
section 408(d)(4). Thus, respondent contends that petitioners do
not satisfy the requirement in section 408(d)(4)(A) that the
distribution of an excess contribution must be received on or
before the due date for filing the taxpayer's return for the
taxable year of the contribution.8 To the contrary, petitioners
contend that they are entitled to relief under section 408(d)(4)
based on Wood v. Commissioner, 93 T.C. 114 (1989).
8 Respondent does not contend that petitioners failed to
satisfy any of the remaining requirements of sec. 408(d)(4).
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