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is not reviewable by any other court, and this opinion should not
be cited as authority.
In the notice of deficiency, respondent determined the
following deficiencies in Federal income taxes against
petitioners for the years indicated:
Year Deficiency
1995 $6,713
1996 8,000
1997 8,200
The sole issue for decision is whether petitioners are liable for
the 10-percent additional tax on early distributions from
qualified retirement plans under section 72(t)(1) for the years
at issue and, more particularly, whether the distributions in
question constitute “part of a series of substantially equal
periodic payments (not less frequently than annually) made for
the life (or life expectancy) of the employee” within the intent
and meaning of section 72(t)(2)(A)(iv).2
Some of the facts were stipulated. Those facts, with the
annexed exhibits, are so found and are made part hereof.
2 Respondent also determined that a $17,125 loan to
petitioners from one of their qualified plans during 1995
constituted a deemed distribution under sec. 72(p) and was also
subject to the additional tax under sec. 72(t)(1). Petitioners
did not challenge that adjustment at trial; consequently, the
Court considers that adjustment as conceded by petitioners.
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