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MEMORANDUM FINDINGS OF FACT AND OPINION
GERBER, Judge: Respondent determined a deficiency in the
Federal income tax of decedent Hilda Ashman for the taxable year
1993 of $54,542 and a section 66621 accuracy-related penalty of
$10,908. After concessions, the issue for our consideration is
whether a distribution received by decedent in 1993 from an
individual retirement account is included in her taxable income.
Respondent has conceded the penalty.
FINDINGS OF FACT
The facts in this case have been fully stipulated, and the
case was submitted to the Court under Rule 122. At the time the
petition was filed, the personal representative of the estate
resided in Newport Beach, California.
On December 19, 1990, decedent received a $725,502
distribution from a pension plan that was qualified under section
401 (1990 pension distribution). On February 27, 1991, decedent
deposited $101,127.85 into an account with Great Northern Insured
Annuity Corp. (GNA). The deposit consisted of $100,502.21 from
the 1990 pension distribution plus interest thereon. Decedent
made the deposit into the GNA account more than 60 days after she
received the 1990 pension distribution. Accordingly, the GNA
deposit did not qualify as a timely rollover of the 1990 pension
1 Unless otherwise indicated, all section references are to
the Internal Revenue Code in effect for the year in issue, and
all Rule references are to the Tax Court Rules of Practice and
Procedure.
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