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of the trial in this case, Unisys had not completed its payment
of the contract amounts.
In 1992, petitioner also received an individual retirement
account distribution of $6,215 from U.S. Trust Co. (the U.S.
Trust Co. distribution). Petitioner is required to include $638
of that amount in his gross income for 1992.
II. Discussion
A. The 1992 Distribution
1. Introduction
The question with respect to the 1992 distribution is
whether that distribution is taxable to petitioner for 1992
because of his failure to roll over the distribution within
60 days of the receipt thereof. Petitioner argues that, because
he has not yet (at least as of the date of the trial) received
full payment of his balance under the plan, the 60-day rollover
period has yet to commence (so that, we assume, it is not yet
possible to determine whether he is taxable on the 1992
distribution). Respondent argues that, because petitioner did
not roll over the 1992 distribution within 60 days, he is taxable
on it for 1992. We agree with respondent.
2. Pertinent Provisions of the Statute
The parties appear to be in agreement that the plan meets
the requirements of section 401(a) and that there is a trust
forming a part of the plan that is exempt from income tax under
section 501(a). That being so, distributions from the trust
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