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MEMORANDUM OPINION
LARO, Judge: This case is before the Court fully
stipulated. See Rule 122. Petitioner petitioned the Court to
redetermine respondent’s determination of a deficiency in Federal
income tax for petitioner’s 1994 taxable year of $27,351 and an
addition to tax under section 6651(a)(1) of $6,838.
The issues for decision are:
1. Whether petitioner’s gross income includes a $68,121
distribution to him from his individual retirement annuity (IRA).
We hold it does.
2. Whether petitioner is subject to the 10-percent
additional tax for early distributions under section 72(t). We
hold he is.
3. Whether petitioner is liable for the addition to tax
pursuant to section 6651(a)(1) for failure to file his 1994
Federal income tax return timely. We hold he is.
Unless otherwise indicated, section references are to the
Internal Revenue Code in effect for the year in issue. Rule
references are to the Tax Court Rules of Practice and Procedure.
Dollar amounts are rounded to the nearest dollar.
Background
When the petition in this case was filed, petitioner resided
in Palm Desert, California. On March 21, 1990, petitioner
established an IRA with the Prudential Insurance Company of
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