- 8 -
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qualified IRA, as required for the withdrawn amounts to qualify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
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