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$4,426 payment from National (of which respondent contends $1,092
was taxable). Petitioner offered no evidence demonstrating that
any portion of these payments should be excluded from his gross
income and has therefore failed to carry his burden of proof.
Id. Respondent is sustained on these items.
Section 72(t) Additional Tax
Respondent determined that petitioner is liable for
additional tax in the amount of $239 under section 72(t) on a
premature distribution of $2,393 from a qualified retirement
plan. Section 72(t)(1) imposes an additional tax on any amount
received from a qualified retirement plan equal to 10 percent of
the portion of such amount which is includable in gross income.
Section 72(t)(2) exempts certain distributions from the
additional tax.
Petitioner does not deny receiving a $2,393 distribution
from a qualified retirement plan, nor does he claim to come
within one of the exceptions. Respondent is sustained on this
issue.
Section 6651(a)(1) Failure To File Timely
Section 6651(a)(1) provides for an addition to tax of 5
percent of the tax required to be shown on the return for each
month or fraction thereof for which there is a failure to file,
not to exceed 25 percent. The addition to tax for failure to
file a return timely will be imposed if a return is not timely
filed unless the taxpayer shows that the delay was due to
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Last modified: May 25, 2011