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sustained serious injuries when she fell off the horse she was
riding. Since that time she has received and continues to
receive medical treatment for those injuries.
Mr. Weight was hospitalized for a psychiatric disorder from
October 30 through November 20, 1996, and then again from
November 27 through December 3 of that year. During the former
period of hospitalization, petitioner presented Mr. Weight with
a Hardship Withdrawal Request Form (the form) in which he
requested a $35,000 withdrawal (the distribution) from his Maxim
Integrated Products 401(K) Plan (the plan). The form was signed
by Mr. Weight on November 17, 1996, and by the plan administrator
on November 27, 1996.
According to a statement contained in the form, the
distribution was necessary “to prevent the foreclosure on the
mortgage of * * * [petitioner’s and Mr. Weight’s] principal
residence”. The net proceeds of the distribution, that is
$25,200 ($35,000 minus Federal and State withholding taxes of
$9,800), were paid by check dated December 3, 1996.
On December 14, 1996, a deposit of $20,276 was made into a
saving account held in trust for Sarah C. Weight (the savings
account). Petitioner is the custodian of the savings account.
As best as can be determined from the record, the source of this
deposit was the proceeds from the distribution.
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