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Respondent determined a $5,762 deficiency in petitioner’s
1997 Federal income tax and a $1,150 accuracy-related penalty
pursuant to section 6662.
After concessions,1 the issues for decision are: (1)
Whether petitioner is subject to the section 72(t) 10-percent
additional tax on an early distribution from a section 401(k)
retirement plan; and (2) whether respondent properly determined a
deficiency based upon an amount erroneously refunded to
petitioner after an erroneous abatement of petitioner’s entire
1997 tax liability.
1 On brief, respondent concedes the sec. 6662 penalty and
also concedes adjustments in the notice of deficiency increasing
petitioner’s taxable income by $33 of interest income and $317 of
wages.
A handwritten statement that is included among the parties’
stipulations (but that is initialed only by respondent’s counsel)
indicates that petitioner concedes that he is not entitled to a
$27 deduction for bank fees, as allowed in the notice of
deficiency. Assuming that the stipulation is not binding on
petitioner, who never initialed it, we nevertheless deem
petitioner to have conceded that he is not entitled to the $27
deduction, having never claimed this deduction on his 1997 income
tax return in the first instance and having failed to address the
issue before, during, or after the trial.
Although petitioner’s 1997 income tax return reflects a
claimed deduction of $5,807 for a contribution to an individual
retirement account (IRA), at trial petitioner testified that he
was not claiming an IRA deduction and that he had left this line
blank on his 1997 tax return as filed. Accordingly, we deem
petitioner to have conceded that he is not entitled to any IRA
deduction.
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Last modified: May 25, 2011