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After concessions,1 the only issue for decision is whether
petitioner has an overpayment of tax for 1996 related to a
distribution from his individual retirement account (IRA).
FINDINGS OF FACT
Some of the facts have been stipulated and are so found.
The stipulation of facts and the attached exhibits are
incorporated herein by this reference. At the time he filed the
petition, petitioner resided in Anchorage, Alaska.
In a letter dated November 3, 1995, Key Bank informed
petitioner that, because he had reached the age of 70�, he was
required to start taking withdrawals from his IRA. On November
20, 1995, petitioner responded with instructions for the bank to
mail him a check for the minimum withdrawal amount.
In 1996, petitioner mistakenly signed a form to close out
his IRA as of December 31, 1996. On December 31, 1996, Key Bank
closed petitioner’s IRA account and sent petitioner the entire
balance.
Petitioner reported his entire 1996 IRA distribution on his
timely 1996 income tax return (1996 return) and paid tax on it.
Petitioner did not roll over this distribution into another IRA.
1 Respondent concedes every issue raised in the statutory
notice of deficiency, and petitioner concedes his claim for an
overpayment related to interest on savings bonds.
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Last modified: May 25, 2011