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own names.6 We need not, and do not, address this latter issue
because we hold that the failure of Mr. Thomson to qualify as a
trustee requires all of petitioners' distributions to be included
in their income for 1991.
The term "individual retirement account" is defined in section
408(a) as:
a trust created or organized in the United States for the
exclusive benefit of an individual or his beneficiaries,
but only if the written governing instrument creating the
trust meets the following requirements:
* * * * * * *
(2) The trustee is a bank (as defined in
subsection (n)) or such other person who
demonstrates to the satisfaction of the
Secretary that the manner in which such other
person will administer the trust will be
consistent with the requirements of this
section.
See also Orzechowski v. Commissioner, 69 T.C. 750, 754-755 (1978),
affd. 592 F.2d 677 (2d Cir. 1979).
6 Respondent also asserts that petitioners Alice M.
Johnson, Robert J. Barraclough, Bette Barraclough, and Nurit
Haramgaal failed to rollover their distributions into the FAC IRA
within 60 days. Because we hold that the rollovers do not
qualify for tax-free treatment, we need not address this issue.
Nonetheless, we are mindful that Mrs. Johnson and the
Barracloughs did not establish the date of their IRA
distributions, and that Ms. Haramgaal's May 2, 1991, contribution
was more than 60 days from her Jan. 31, 1991, pension plan
distribution.
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