Roy Robert Botts - Page 5




                                        - 4 -                                         
               Petitioner testified that when he received the 1997                    
          distribution from his 401(k) account he “believed all of the                
          taxes and penalties had been withdrawn from it, as the company              
          stated they would do when they distributed the monies.”                     
          Petitioner claims he was unaware of any outstanding loan balance.           
          Petitioner’s boldfaced testimony was that he “had not taken a               
          loan out.”  He further testified that his only withdrawal from              
          the 401(k) plan “was to settle a divorce agreement.”                        
          Petitioner’s Divorce Agreement contained no indication of any               
          required withdrawal from petitioner’s 401(k) account.  Although             
          petitioner provided a retirement plan statement from Mitsubishi             
          for the last quarter of 1994, he failed to provide any such                 
          statement for any period ending after 1994.  Petitioner claimed             
          that he lost these records.                                                 
               A statement provided by Union Bank reflecting the total                
          withholdings from petitioner’s 1997 Mitsubishi 401(k) account               
          distribution showed that the $7,656.80 withholding represented a            
          “Loan Payoff”.  According to Union Bank, the loan had been made             
          to petitioner in 1996.  A letter dated May 10, 2001, from Wanda             
          Green, a Trust Officer at Union Bank, stated that petitioner                
          received an $8,000 loan check dated November 20, 1996, from his             
          Mitsubishi 401(k) account.  A Union Bank “Miscellaneous Cash and            
          Disbursements MEA [Mitsubishi Electric America] 401(k) Loan                 
          Account from 1/01/96 to 12/31/96" report reflected a November 20,           






Page:  Previous  1  2  3  4  5  6  Next

Last modified: May 25, 2011