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The third issue is whether a lump-sum payment of $4,822
received by petitioner during 1992 from the employee retirement
plan maintained by the convention center is includable in gross
income in the year of distribution. The parties stipulated, and
petitioner acknowledged at trial, that he received, in November
1992, a lump-sum distribution from the employee retirement plan
with the convention center in the amount of $4,822, which he
failed to report on his income tax return for 1992. In his
petition, petitioner alleged that, since the $4,822 distribution
was paid to him in November 1992, the 60-day period in which a
rollover of such a distribution is allowed (which is discussed
below) continued into January 1993. Therefore, petitioner
contends that taxation of the funds, if any, should have occurred
in the 1993 tax year rather than 1992.
At trial, petitioner acknowledged that the $4,822
distribution was not rolled over into an Individual Retirement
Account (IRA) or into any other qualified plan within 60 days,
either in 1992 or 1993. Petitioner contended that he could not
roll over the distribution for reasons which are not entirely
clear to the Court and, to some extent, inconsistent. One reason
advanced by petitioner was that he could only contribute $2,000
to an IRA, and, since his distribution exceeded that amount, he
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