- 2 - (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.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 Next
Last modified: May 25, 2011