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1994, petitioner received 25,193 shares of GP Financial Corp.
stock, not the 30,000 shares as per the subscription agreement.
The 25,193 shares (the stock) at $15 per share cost $377,895. On
January 29, 1984, petitioner received a stock purchase refund of
$72,105 plus interest from Green Point.
On February 11, 1994, petitioner opened an IRA with Smith
Barney Shearson (the Smith Barney IRA). On February 11, 1994,
petitioner deposited the stock into the Smith Barney IRA.
Petitioner did not report any of the Keogh and IRA
distributions on his 1993 Federal income tax return. Petitioner
claimed a credit for the $43,298.20 in Federal income tax
withheld by Green Point and Apple. Respondent determined that
all $480,414 of the 1993 distributions (the net amount
distributed plus withholding) from petitioner's Green Point and
Apple and Keogh accounts were includable in petitioner's 1993
income.
Generally, any amount paid or distributed out of an IRA is
included in gross income by the payee or distributee, as the case
may be, in the manner provided in section 72. Sec. 408(d)(1).
Rollover contributions, however, are not includable in gross
income. Sec. 408(d)(3)(A). One type of rollover contribution
consists of any amount paid or distributed out of an IRA to the
individual for whose benefit the IRA is maintained if "the entire
amount received (including money and any other property) is paid
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