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(2) if not, whether imposing a liability for taxes on
forfeited money without allowing a loss deduction violates the
Double Jeopardy Clause of the Fifth Amendment or the Excessive
Fines Clause of the Eighth Amendment to the U.S. Constitution;
and
(3) whether petitioner is subject to the tax on early
distributions from his individual retirement accounts (IRA's)
under section 72(t).1
This case was submitted fully stipulated under Rule 122.
The stipulation of facts and the attached exhibits are
incorporated herein by this reference. Petitioner resided in
Mineola, New York, at the time he filed the petition in this
case.
Background
In April of 1987, after a 29-year career with Bank of
America, petitioner's job was eliminated in the course of a
corporate reorganization and his services terminated. During
1987, petitioner received a lump-sum payment of $207,050 from his
retirement plan which he rolled over into a retirement account at
Merrill Lynch. He also received a net payment of $43,194.99 from
1 Unless otherwise indicated, all statutory 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.
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