Robert Ancira - Page 1

                                    119 T.C. No. 6                                      

                                UNITED STATES TAX COURT                                 

                             ROBERT ANCIRA, Petitioner v.                               
                     COMMISSIONER OF INTERNAL REVENUE, Respondent                       

               Docket No. 425-01.               Filed September 24, 2002.               

                    P had a self-directed IRA account of which C was the                
               custodian.  P requested that C purchase common stock in X                
               for the IRA.  Although the investment in X stock was not                 
               prohibited, C, as a matter of policy, refused to purchase                
               the stock because X was not publicly traded.  P arranged for             
               C to issue a check drawn on the IRA account made payable to              
               X.  C sent the check to P, who forwarded it to X.  X issued              
               the stock in the name of P’s IRA.  P received X’s stock and              
               delivered the stock to C.  R determined that there was a                 
               distribution from the IRA to P.                                          
                    Held:  P was a conduit for C, and there was no                      
               distribution from the IRA to P.  Lemishow v. Commissioner,               
               110 T.C. 110 (1998), distinguished.                                      

               David Bruce Spizer, for petitioner.                                      
               Emile L. Hebert III and Louis John Zeller, Jr., for                      

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