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of the portion of such amount which is includible in gross
income.
The parties do not dispute that petitioner's SEP and Keogh plans
are qualified retirement plans under section 4974(c). The 10-
percent additional tax, however, does not apply to certain
distributions. Section 72(t)(2) exempts distributions from the
additional tax if the distributions are made: (1) To an employee
age 59-1/2 or older; (2) to a beneficiary (or to the estate of
the employee) on or after the death of the employee; (3) on
account of disability; (4) as part of a series of substantially
equal periodic payments made for life; (5) to an employee after
separation from service after attainment of age 55; (6) as
dividends paid with respect to corporate stock described in
section 404(k); (7) to an employee for medical care; or (8) to an
alternate payee pursuant to a qualified domestic relations order.
Petitioner concedes that none of the described section
72(t)(2) exemptions apply in his case. Petitioner contends,
however, that, due to his financial hardship, the distributions
should be exempt from section 72(t), and that, in not allowing a
financial hardship exemption, section 72(t) is contrary to public
policy and violates his constitutional right to equal protection.
Petitioner also relies heavily on the case of In re Cassidy, 983
F.2d 161 (10th Cir. 1992).
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