Jerry L. Burton - Page 2

                                                 - 2 -                                                   
                  QDRO.  Therefore, P is liable for tax on the entire                                    
                  lump-sum distribution.  Held, further, P is liable for                                 
                  additional tax on the entire lump-sum as a result of                                   
                  the early distribution from a qualified retirement plan                                
                  pursuant to sec. 72(t), I.R.C.                                                         

                  John L. Onesto, for petitioner.                                                        
                  Donald K. Rogers and Matthew J. Fritz, for respondent.                                 

                                         MEMORANDUM OPINION                                              
                  NIMS, Judge:*  Respondent determined a deficiency in the                               
            1991 Federal income tax of petitioner Jerry L. Burton in the                                 
            amount of $53,916, stemming from funds received by petitioner in                             
            connection with the closing of his retirement benefits accounts.                             
            A petition was filed on April 24, 1995.  An Answer was filed on                              
            June 13, 1995.  Respondent thereafter filed an Amendment to                                  
            Answer, claiming an increased deficiency of $17,676 based upon                               
            section 72(t).                                                                               
                  Unless otherwise indicated, all section references are to                              
            sections of the Internal Revenue Code in effect for the year in                              
            issue, and all Rule references are to the Tax Court Rules of                                 
            Practice and Procedure.                                                                      
                  The sole issue for decision is whether the portion of                                  
            petitioner's retirement account distribution used to pay off the                             
            mortgage on petitioner's former residence and to pay his ex-wife                             

                  *This case was reassigned to Judge Arthur L. Nims, III, by                             
            Order of the Chief Judge.                                                                    

Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  Next

Last modified: May 25, 2011