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Finally, we must consider whether petitioner is liable for
the additional tax set forth in section 72(t). Section 72(t)(1)
provides for a 10-percent additional tax on premature
distributions from all qualified retirement plans,5 with
exceptions numerated in section 72(t)(2). One of those
exceptions is for distributions made after the taxpayer reaches
the age of 59-1/2. That exception is clearly not involved herein
as petitioner was 58 years old at the time of the distributions.
None of the other exceptions are relevant to this case.
Accordingly, we hold that petitioner is liable for the 10-percent
additional tax on premature distributions from a qualified plan
for 1992 as provided in section 72(t).
To reflect the above,
Decision will be entered
under Rule 155.
5 An IRA is a qualified retirement plan. Sec. 4974(c)(4).
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Last modified: May 25, 2011