-4- demonstrate that the payment in question falls into a specific statutory exclusion. Commissioner v. Glenshaw Glass Co., 348 U.S. 426, 429-431 (1955). Petitioner concedes that he received the payments in question in the amounts determined by respondent.2 Petitioner does not contend that any of the payments fall into a specific statutory exclusion. Consequently, we sustain respondent's determination that the amounts in question are includable in petitioner's gross income. 2. Section 72(t) Additional Tax Section 72(t)(1) imposes an additional tax equal to 10 percent of the portion of an early distribution from a "qualified retirement plan" that is includable in the taxpayer's gross income. An individual retirement account (IRA) is included in the definition of a "qualified retirement plan". Secs. 72(t)(1), 4974(c)(4). Section 72(t)(2) provides for certain exceptions to the general rule contained in paragraph (1). One important exception provides that the 10-percent additional tax does not apply if the distribution was made on or after the date that the taxpayer attained age 59 1/2. Sec. 72(t)(2)(A)(i). 2In the stipulation of facts, petitioner concedes that he received the payments in question, but some of the amounts stipulated are slightly greater (by less than one dollar) than the amounts determined in the notice of deficiency. To the extent the amounts in the stipulation of facts exceed the amounts in the notice of deficiency, we deem respondent to have conceded the excess.Page: Previous 1 2 3 4 5 6 Next
Last modified: May 25, 2011