George and Elam Campbell - Page 2

                                                 - 2 -                                                   

                  was P's taxed retirement savings; thus, the                                            
                  distribution of such contribution in 1991 is not                                       
                  includable in P's income.  Secs. 72(e)(6), 408(d)(1),                                  
                  I.R.C. 1986.                                                                           


                  Thomas F. DeCaro, Jr., for petitioners.                                                
                  Alan R. Peregoy, for respondent.                                                       

                                                OPINION                                                  

                  DAWSON, Judge:  This case was assigned to Special Trial                                
            Judge Robert N. Armen, Jr., pursuant to the provisions of section                            
            7443A(b)(4) of the Internal Revenue Code of 1986, as amended, and                            
            Rules 180, 181, and 183.1  The Court agrees with and adopts the                              
            Opinion of the Special Trial Judge, which is set forth below.                                
                               OPINION OF THE SPECIAL TRIAL JUDGE                                        
                  ARMEN, Special Trial Judge:  For the taxable year 1991,                                
            respondent determined a deficiency in petitioners' Federal income                            
            tax, as well as a deficiency in Federal excise tax under section                             
            4980A,2 in the total amount of $58,464.                                                      



            1           Unless otherwise indicated, all section references are                           
            to the Internal Revenue Code in effect for 1991, the taxable year                            
            in issue.  All Rule references are to the Tax Court Rules of                                 
            Practice and Procedure.                                                                      
            2           Sec. 4980A imposes a 15-percent excise tax on excess                             
            distributions from qualified retirement plans.  This tax is                                  
            included within ch. 43 of the I.R.C. and is subject to the                                   
            deficiency procedures set forth in subch. B of ch. 63 of the                                 
            I.R.C.  See sec. 6211(a).                                                                    




Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011