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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.
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