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period for an amount transferred to the employee that is a frozen
deposit. No portion of the 1992 distribution was a frozen
deposit, see sec. 402(a)(6)(H)(ii), and, thus, as stated, the
rule is of no benefit to petitioner.
5. Conclusion
Petitioner failed to roll over the 1992 distribution within
the 60 days prescribed by section 402(a)(5)(C) and, thus, is
taxable on that distribution for 1992 under the authority of
section 402(a)(1).
B. 10-Percent Additional Tax on Early Distributions from
Qualified Retirement Plans
Section 72(t)(1) imposes an additional tax of 10 percent of
amounts received from qualified retirement plans (as defined in
section 4974(c)) that are includable in gross income. Section
72(t)(2) contains certain exceptions. Respondent determined that
such additional tax was due from petitioner on account of his
receipt of the 1992 distribution and the U.S. Trust Co.
distribution. With respect to the U.S. Trust Co. distribution,
respondent now concedes that only $638 of that distribution is
subject to the additional tax.
Petitioner has made no argument with respect to the section
72(t) additional tax, except by implication of his argument that
the 1992 distribution is not taxable. We rejected that argument
supra section II.A. p.4, and petitioner has not proven that any
of the exceptions contained in section 72(t)(2) applies.
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