- 2 -
After concessions by petitioner, the issue for decision is
whether, under section 408, distributions to petitioner from two
qualified pension plans with his former employer are includable
in gross income in an amount in excess of the amount reported on
petitioner's 2000 Federal income tax return.2
Some of the facts were stipulated. Those facts and the
accompanying exhibits are so found and are incorporated herein by
reference. Petitioner’s legal residence at the time the petition
was filed was Glenwood, Arkansas.
Petitioner was an electronic computer technician and retired
from Sunoco Oil Co. (Sunoco) during 1993, after working 12 years
with that employer. As an employee of Sunoco, petitioner was the
beneficiary of two retirement plans, which were qualified under
section 401(k). During the year 2000 petitioner received a
distribution from one plan in the amount of $12,500 and a
distribution from the other plan in the amount of $14,000, or a
total of $26,500. Sunoco issued to petitioner two Forms 1099-R,
Distributions From Pensions, Annuities, Retirement or Profit-
Sharing Plans, IRAs, Insurance Contracts, etc., which state that
the taxable portion of the $12,500 distribution was $12,389.64,
2 In the stipulation, the parties agreed that
petitioner's Social Security benefits during 2000 totaled $15,616
instead of $15,950, as reported on petitioner's income tax
return. Petitioner conceded his failure to report interest
income of $28 and dividend income of $150.
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