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The principal issue for decision is whether $60,000
distributed to petitioner from an individual retirement account
is to be included in petitioner’s taxable income.
Unless otherwise indicated, all section references are to
the Internal Revenue Code in effect for the year in issue, and
all Rule references are to the Tax Court Rules of Practice and
Procedure.
Background
This case was submitted fully stipulated under Rule 122.
The stipulated facts are so found.
At the time the petition was filed, petitioner resided in
Cedar Grove, New Jersey.
Petitioner was born on February 24, 1948.
On July 25, 1997, petitioner and Norman A. Cohen (Norman)
were divorced pursuant to a final judgment or decree of divorce,
at which time financial and other matters with respect to the
divorce were reserved for subsequent resolution.
On June 30, 1999, the Superior Court of New Jersey, County
of Essex (Superior Court), entered an order reflecting its
decision relating to the separate financial and other matters
with respect to petitioner’s and Norman’s divorce. With respect
to approximately $120,000 in funds that Norman had invested in an
individual retirement account (IRA) in his name managed by
Dreyfus Liquid Assets (Dreyfus), the court order stated that
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