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retirement plan maintained by the convention center. Therefore,
the entire amount of the distribution petitioner received is
includable in gross income for purposes of section 72(e)(5)(A)
and (e)(6).
In summary, petitioner failed to present evidence that his
exclusion from gross income of the $4,822 distribution from his
retirement plan maintained by the convention center was correct
and that respondent's determinations regarding such distribution
were incorrect. Respondent, therefore, is sustained on this
issue.
The final issue is whether petitioner is liable for the 10-
percent additional tax on early distributions from qualified
retirement plans under section 72(t). Section 72(t)(1) provides
that:
If any taxpayer receives any amount from a qualified
retirement plan * * * the taxpayer's tax under this chapter
for the taxable year in which such amount is received shall
be increased by an amount equal to 10 percent of the portion
of such amount which is includible in gross income.
Section 72(t)(2) provides several exceptions to the 10-percent
additional tax including, but not limited to:
Distributions which are: (i) made on or after the date on
which the employee attains age 59 1/2, (ii) made to a
beneficiary (or to the estate of the employee) on or after
the death of the employee, * * * (v) made to an employee
after separation from service after attainment of age 55
* * *
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Last modified: May 25, 2011