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the same as where the individual applies for disability payments
under social security."
The regulations, promulgated pursuant to the statutory
authorization contained in section 72(m)(7), provide that an
individual will be considered to be disabled if he or she is
unable to engage in any "substantial gainful activity" by reason
of any medically determinable physical or mental impairment that
can be expected to result in death or to be of long-continued and
indefinite duration. Sec. 1.72-17A(f)(1), Income Tax Regs.
Significantly, the regulations also provide that an impairment
which is remediable does not constitute a disability. Sec. 1.72-
17A(f)(4), Income Tax Regs.
Notwithstanding the apparent severity of petitioner's
illness in 1989, which, according to Dr. Gardner, persisted into
the spring of 1992, the illness did not fall within the
definition of "disabled" as contemplated by sections 72(t)(1) and
(2) and 72(m)(7), and the regulations thereunder. Petitioner
continued to function as an active stock trader in the face of
his clinical depression, and in fact withdrew his IRA funds to
further that activity. Thus, his condition fails to meet the
regulatory requirement that the individual be so impaired as to
be unable to engage in any substantial gainful activity. Sec.
1.72-17A(f)(4), Income Tax Regs.
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