- 2 -
early distributions from qualified retirement plans under section
72(t).
The issues for decision are: (1) Whether petitioner failed
to report wage income of $1,179 in 1992; (2) whether petitioner
failed to report interest income of $28 in 1992; (3) whether a
lump-sum payment of $4,822 received during 1992 by petitioner
from a qualified employee retirement plan maintained by the
Greater Columbus Convention Center (the convention center) is
includable in gross income in the year of distribution; and (4)
whether petitioner is liable for the 10-percent additional tax on
early distributions from qualified retirement plans under section
72(t). The remaining adjustments in the notice of deficiency are
computational and will be resolved by the Court's holdings on the
aforementioned issues.2
Some of the facts were stipulated, and those facts, with the
annexed exhibits, are so found and are incorporated herein by
reference. At the time the petition was filed, petitioner's
legal residence was Columbus, Ohio.
During the year at issue, petitioner was employed by the
convention center as a crew foreman. Petitioner had been
employed by the convention center for approximately 10 years when
2 Respondent determined a reduction of $682 in the earned
income credit claimed by petitioner. Further, respondent allowed
petitioner an additional withholding credit of $25 representing
taxes withheld on the $1,179 unreported wage income.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 Next
Last modified: May 25, 2011