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issues for decision are: (1) Whether a distribution of
$39,295.08 from an individual retirement account is includable in
petitioner’s gross income for 1998; and (2) whether petitioner is
liable for the accuracy-related penalty pursuant to section
6662(a) due to a substantial understatement of income tax.
Background
The parties submitted this case fully stipulated pursuant to
Rule 122.2 The stipulation of facts, the supplemental
stipulation of facts, and the attached exhibits are incorporated
herein by this reference. Petitioner resided in Kenosha,
Wisconsin, at the time he filed his petition.
Petitioner has maintained individual retirement accounts
(IRAs) at TCF National Bank (the bank), formerly known as
Republic Savings. On July 23, 1976, petitioner established an
IRA, account number 0400014416, with the bank. During the period
July 23, 1976, through August 28, 1998, periodic payments were
made to this IRA. Petitioner received annual statements
indicating the value of all his IRAs.
On August 28, 1998, petitioner met with Maria Koble (Ms.
Koble), a representative from the bank, to discuss petitioner’s
2We note that although this case was submitted fully
stipulated, that does not alter the burden of proof, or the
requirements otherwise applicable with respect to adducing proof,
or the effect of failure of proof. Rule 122(b); Kitch v.
Commissioner, 104 T.C. 1, 5 (1995), affd. 103 F.3d 104 (10th Cir.
1996).
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