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distributions that qualify as first-time homebuyer distributions
as defined in section 72(t)(8). Section 72(t)(8)(A) provides
generally that the term "qualified first-time homebuyer
distribution" means any payment or distribution received by an
individual to the extent such payment or distribution is used by
the individual before the close of the 120th day after the day on
which such distribution or payment is received to pay qualified
acquisition costs with respect to a principal residence of a
first-time homebuyer who is such individual, the spouse of such
individual, or any child, grandchild, or ancestor of such
individual or the individual's spouse. Section 72(t)(8)(D)
defines a first-time homebuyer as an individual (and, if married,
his spouse) who had no present ownership interest in a principal
residence during the 2-year period ending on the date of
acquisition of the principal residence in question. Other
provisions in that section are not pertinent here.
On this record, the Court is satisfied that the
distributions in question constituted distributions that were
used by petitioner in the acquisition of a principal residence,
and that such distributions were qualified first-time homebuyer
distributions within the intent and meaning of section 72(t)(8).
Petitioner, accordingly, is sustained on the sole issue before
the Court.
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Last modified: May 25, 2011