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on account of administrative problems, and the total amount of
the distribution is made “in one taxable year of the employee as
soon as administratively feasible” after separation from service,
the Internal Revenue Service (IRS) will, in the interest of
convenience in administration, not require ordinary income
treatment for post-separation accruals of income. Nothing in the
ruling supports petitioner’s argument.
Petitioner also directs our attention to IRS Publication 575
(for use in preparing 1992 returns), Pension and Annuity Income
(Pub. 575). Pub. 575 contains the Commissioner’s explanation of
how to report pension and annuity income. It purports to cover
the special tax treatment of lump-sum distributions. Page 26
contains the following language with respect to rollovers:
Time for making rollover. You must complete the
rollover by the 60th day following the day on which you
receive the distribution from your employer’s plan. In
the case of a series of distributions that may
constitute a lump-sum distribution, the 60-day period
does not begin to run until the last distribution is
made. [Emphasis added.]
The underscored sentence is no authority that a lump-sum
distribution may be paid in installments over more than one
taxable year of the recipient. That sentence does no more than
explain the language in the Code that a lump-sum distribution may
comprise more than one distribution. See sec.
402(a)(5)(E)(i)(II) (“The term ‘qualified total distribution’
means 1 or more distributions * * * which constitute a lump sum
distribution”). The underscored sentence must be read in light
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