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6654(a) in the amounts of $1,666 and $434.08, respectively.
After concessions, the sole issue for decision is whether a
distribution to petitioner from a profit-sharing retirement plan
is fully includable in petitioner’s income for the taxable year
at issue. We hold that such distribution is fully includable in
petitioner’s income for the taxable year at issue.
FINDINGS OF FACT
Some of the facts have been stipulated and are so found.
The stipulation of facts and the attached exhibits are
incorporated herein. Petitioner resided in Baltimore, Maryland,
at the time the petition was filed in this case.
Petitioner failed to file a timely Federal income tax return
for taxable year 1989. Respondent issued a notice of deficiency
to petitioner dated November 8, 1993. On April 25, 1994,
petitioner filed his 1989 Federal income tax return.
At sometime during 1989, petitioner received a distribution
in the amount of $6,749 from a profit-sharing retirement plan
(Plan) maintained by his former employer, Jacob Goldfinger
(Goldfinger). The Plan was a qualified plan under section
401(a). Petitioner left the employ of Goldfinger in August 1987.
Petitioner testified that he was unaware of the Plan’s existence
while he was employed by Goldfinger. At no time prior to the
1(...continued)
the Internal Revenue Code in effect during the year at issue, and
all Rule references are to the Tax Court Rules of Practice and
Procedure.
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