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
respondent.
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