George and Elam Campbell - Page 3

                                                 - 3 -                                                   

                  After concessions by the parties,3 the only issue for                                  
            decision is whether the distribution received by petitioner                                  
            George Campbell in 1991 from his individual retirement account                               
            with Loyola Federal Savings and Loan is taxable under sections                               
            408(d)(1) and 72.                                                                            
                  This case was submitted fully stipulated under Rule 122, and                           
            the facts stipulated are so found.  Petitioners resided in Prince                            
            Frederick, Maryland, at the time that their petition was filed                               
            with the Court.                                                                              
                                              Background                                                 
                  George Campbell (petitioner) was employed by the Maryland                              
            State Highway Administration (the Highway Administration) in 1989                            
            and 1991, and remained so employed at least through the time that                            
            this case was submitted for decision.  As an employee of the                                 
            Highway Administration, petitioner was a member of the Maryland                              
            State Employees' Retirement System (the Retirement System) until                             
            he transferred to the Maryland State Employees' Pension System                               
            (the Pension System), effective November 1, 1989.                                            

            3 Petitioners concede that $7,762.11 and $9,612.14 of the                                    
            distributions from petitioner George Campbell's Loyola IRA and                               
            Delaware Charter IRA, respectively, represent earnings and are                               
            includable in petitioners' gross income for 1991.                                            
                  Respondent concedes that the amount of unreported income                               
            from the IRA distributions is $91,513 (i.e., $172,719 less                                   
            $81,206), rather than the greater amount determined in the notice                            
            of deficiency.  Respondent also concedes that petitioners are not                            
            liable for the excise tax under sec. 4980A.                                                  
                  See infra p. 9, for further discussion regarding the                                   
            parties' concessions.                                                                        




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