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States, 381 U.S. 68, 72 (1965); Massaglia v. Commissioner, 286
F.2d 258, 262 (10th Cir. 1961), affg. 33 T.C. 379 (1959).
Though it is unfortunate that petitioner may have received
unhelpful or incorrect tax advice from IRS employees, that advice
does not have the force of law.
Petitioner contends that her present financial hardship
should relieve her from liability for the additional tax and asks
this Court for relief. There is, however, no financial hardship
exception to section 72(t).
Petitioner has not shown error in respondent's determination
that she is liable for a 10-percent additional tax on her 1995
IRA distribution. Since petitioner fails to qualify for any of
the statutory exceptions under section 72(t)(2), we hold that
petitioner is liable for the 10-percent additional tax on
distributions from a qualified retirement plan for 1995 as
provided in section 72(t)(1). Respondent is sustained on this
issue.
To reflect the foregoing,
Decision will be entered
for respondent.
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Last modified: May 25, 2011