Dale Reid Edmonds - Page 8

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          received the property distributed."  In other words, if a                   
          taxpayer receives a distribution from a retirement plan and fails           
          to make a rollover of such distribution to an eligible retirement           
          plan within 60 days of taxpayer's receipt of such distribution,             
          the amount shall be taxable under section 72 in the year of                 
          distribution.  The term "eligible retirement plan" is defined in            
          section 402(c)(8)(B) as "(i) an individual retirement account               
          * * *, (ii) an individual retirement annuity * * *, (iii) a                 
          qualified trust, and (iv) an annuity plan described in section              
          403(a)." (Emphasis added.)                                                  
               Petitioner admits receiving a $500 IRA distribution in 1994            
          but contends that it is not includable in his gross income                  
          because he rolled it over into another IRA account soon after he            
          received the distribution.  When questioned as to how much time             
          passed between the time petitioner received the $500 and the time           
          he deposited it into another IRA petitioner testified "I don't              
          recall".  He stated that he was not willing to swear under oath             
          that he deposited the funds into another IRA on or before the               
          60th day following the date of their receipt.  The parties                  
          stipulated that petitioner phoned Asheville Savings on July 7,              
          1994, to request a $500 distribution from his IRA.  Petitioner              
          testified that he felt certain he received that $500 distribution           
          within 2 weeks of the telephone call but he could not testify as            
          to a specific date.  Moreover, petitioner produced the signature            





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