Estate of Hilda Ashman, Deceased, Phillip Ashman, Personal Representative - Page 2

                                        - 2 -                                         



                       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.                                                                  


Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  Next

Last modified: May 25, 2011