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Benefit Election - Nonspousal Beneficiary/The Deferred Profit-
Sharing Plan of Morgan Guaranty Trust Company of New York and
Affiliated Companies for United States Employees” (election
form). It appears on the face of the election form that
petitioner completed, signed, and dated the form October 30,
1998. Under the “benefit election” paragraph, petitioner checked
off the box next to the choice “Annual installments over ____
years, beginning in the year the participant would have attained
age ____. (No younger than 50 or no older than 70 �.)”
Petitioner left the blanks unanswered. The election form
requested that petitioner return the completed form by December
15, 1998. It appears, however, that the form was never sent to
Morgan Guaranty Trust Company of New York, and, therefore, the
election was never in effect.
Petitioner failed to provide at trial any fully executed
election forms, mail receipts, or other information to show that
an election was made. According to petitioner, he misplaced a
folder of mail receipts and other documents and it could not be
retrieved.
Petitioner received a 1998 Form 1099-R, Distributions From
Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs,
Insurance Contracts, etc., issued from American Century Services
Corp. for JP Morgan, reflecting a gross distribution of
$77,994.31 and Federal income tax withheld of $7,799.43.
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Last modified: May 25, 2011