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The Parties' Concessions
The distribution from petitioner's Delaware Charter IRA is
deemed to have occurred before the due date of petitioners'
income tax return for the year in which the contribution to that
IRA was made. For that reason, respondent concedes on brief that
petitioner's Delaware Charter IRA distribution qualifies for
relief pursuant to section 408(d)(4), and that only the portion
of such distribution representing earnings; i.e., $9,612.14, is
includable in petitioners' gross income.8 As a result of this
concession, the threshold amount that must be exceeded before the
excise tax under section 4980A may be imposed is no longer
satisfied; thus, respondent also concedes that petitioners are
not liable for such excise tax.9
Petitioners concede that the earnings on petitioner's
contributions to petitioner's Delaware Charter IRA and Loyola IRA
are includable in petitioners' gross income.
In view of the foregoing concessions, the only issue
remaining for decision is whether $82,900 of the distribution
received by petitioner from his Loyola IRA (i.e., $90,662.11 less
8 For a detailed analysis of sec. 408(d)(4), see Childs
v. Commissioner, T.C. Memo. 1996-267; Thompson v. Commissioner,
T.C. Memo. 1996-266.
9 Insofar as petitioner Elam Campbell might otherwise be
concerned, see sec. 4980A(b); Johnson v. Commissioner, 74 T.C.
1057, 1062 (1980), affd. 661 F.2d 53 (5th Cir. 1981).
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