- 3 - with tax implications and a JP Morgan election form. Petitioner failed to respond to this correspondence because “I was working to settle my brother’s estate. * * * And I made no choice at that time.” At the time of Martin’s death, the balance in the plan was $69,473.55. Martin died at the age of 52 years, prior to the commencement of any distributions from the plan. Petitioner received a check dated December 23, 1998, from the Chase Manhattan Bank for $70,194.88, reflecting the total net distribution of his brother’s plan.1 The check was payable to “James J. Timmerman”, individually. On or about February 5, 1999, petitioner contributed the total net distribution from the plan into an account at Charles Schwab & Co. originally titled “Martin C. Timmerman in Trust for James Timmerman”. Petitioner made a second contribution of $7,799.43 on or about February 5, 1999, from his own funds to “keep the account intact”. According to petitioner, Martin opened this account for the benefit of petitioner in 1995, and after the February 5, 1999, contributions, the account was retitled the “James J Timmerman Beneficiary Charles Schwab & Co. Cust Inherited IRA” (Inherited IRA). At trial, petitioner provided a document entitled “Death 1 The total gross distribution from the plan was $77,994.31 less $7,799.43 withheld for Federal income tax.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 Next
Last modified: May 25, 2011