110 T.C. No. 11
UNITED STATES TAX COURT
ALBERT LEMISHOW, Petitioner v.
COMMISSIONER OF INTERNAL REVENUE, Respondent
Docket No. 18744-96. Filed February 18, 1998.
P received distributions from individual
retirements accounts (IRA's) and Keogh accounts
consisting solely of money. P purchased stock with a
portion of the distributions. Thereafter, P opened a
new IRA and placed the stock in that IRA within 60 days
of receipt of the distributions.
Held, secs. 408(d)(3) and 402(c), I.R.C., both
require that a rollover contribution, from a
distribution of money, consist only of money. Thus,
P's reinvestments of his IRA and Keogh distributions do
not constitute rollover contributions and such
distributions are includable in income. Held, further,
the portion of the distributions not invested in the
stock, including the amounts for taxes withheld, are
includable in P's income.
Albert Lemishow, pro se.
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