- 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