111 T.C. No. 12 UNITED STATES TAX COURT ROBERT C. AND NANCY L. ARNOLD, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent Docket No. 16855-97. Filed September 28, 1998. In December 1989, following P's retirement, P began receiving annual distributions from his individual retirement account (IRA). At that time, P was 55 years old. The distributions were intended to constitute a series of substantially equal periodic payments within the purview of sec. 72(t)(2)(A)(iv), I.R.C., so as to avoid P's having to pay the 10-percent tax pursuant to sec. 72(t)(1), I.R.C. In November 1993, after five distributions of $44,000 each had been made, and when P attained age 59-1/2, P received $6,776 from his IRA. In the notice of deficiency, R determined that the November 1993 distribution impermissibly modified the series of substantially equal periodic payments within the 5-year period beginning on the date of the first distribution, and therefore the 10-percent recapture tax under sec. 72(t)(4), I.R.C., should be imposed on all distributions P received prior to attaining age 59-1/2. P contends that the series of substantially equal periodic paymentsPage: 1 2 3 4 5 6 7 8 9 10 Next
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