Dennis J. Lawless - Page 3

                                        - 2 -                                         
               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           
               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              

Page:  Previous  1  2  3  4  5  6  7  8  9  10  Next

Last modified: May 25, 2011