David W. Chiu - Page 8

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                  The documentary evidence regarding the transfer does not                               
            entirely corroborate petitioner's testimony.  A copy of a                                    
            "Statement of AssetVantage Account" appended to the parties'                                 
            stipulation indicates that petitioner was the holder of such an                              
            account located at the "Hong Kong Office" branch and gives the                               
            account number and other account information as of December 1,                               
            1990.  Also appended to the stipulation is a copy of a Bank of                               
            America Transfer Payment Order showing a transfer on December 18,                            
            1990 of $23,000 by petitioner to the account number in                                       
            petitioner's name at the Hong Kong branch office of the Hong Kong                            
            & Shanghai Banking Corp., described as an AssetVantage Account.                              
            Thus we conclude that petitioner had such an account located at                              
            the Hong Kong branch of the Bank and made a transfer to it of                                
            $23,000 on December 18, 1990.  Petitioner did not explain the                                
            difference between the IRA withdrawal of $17,558 and the                                     
            subsequent transfer of $23,000.                                                              
                  Even if we were to assume that the $23,000 transfer                                    
            consisted in part of the Varian IRA proceeds, petitioner has                                 
            nonetheless failed to show that the transfer was made to another                             
            qualified IRA, as required for the withdrawn amounts to qualify                              
            as a rollover contribution.  Sec. 408(d)(3)(A)(i).  Section                                  
            408(a) defines an IRA as "a trust created or organized in the                                
            United States for the exclusive benefit of an individual or his                              
            beneficiaries" (emphasis added) which meets certain other                                    

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