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in such plans comes with attendant benefits and costs. While
participation in the plans allowed petitioner the deferral of
income tax, early distributions from these plans result in the
additional tax under section 72(t). Just as petitioner's
decision to participate in the retirement plans was voluntary, so
too was his decision to make the early withdrawals from his SEP
plan and Keogh plan, albeit under an adverse financial situation.
Petitioner must accept the consequences of the withdrawals.
Decision will be entered
for respondent.
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Last modified: May 25, 2011