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series of substantially equal periodic payments made for life;
(5) to an employee after separation from service after attainment
of age 55; or (6) as dividends paid with respect to stock of a
corporation described in section 404(k).
Petitioner contends that the additional tax under section
72(t) does not apply to distributions from profit sharing plans.
We disagree. Petitioner received an early distribution from a
qualified retirement plan, which, as stated above, includes a
profit sharing plan such as the MIC Plan.6 See Hobson v.
Commissioner, T.C. Memo. 1996-272; Grow v. Commissioner, T.C.
Memo. 1995-594. Furthermore, petitioner has failed to show that
any of the specifically enumerated exceptions in section 72(t)(2)
apply to exempt his MIC Plan distribution from the additional
tax. Therefore, we conclude that petitioner is liable for the
additional tax imposed by section 72(t)(1).
In the alternative, petitioner argues that he rolled over
his MIC Plan distribution into the apartment complex investment,
which should be considered an eligible retirement plan so as to
permit tax free treatment. Petitioner’s apartment complex
investment, however, is not an eligible retirement plan. See
6 Because neither party disputes the issue, we assume the
profit sharing plan constitutes a “qualified trust” within the
meaning of sec. 401(a), which is exempt from tax under sec.
501(a).
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