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required under section 72(p)(2)(C). The result was a deemed
distribution to petitioner in 2000.
The second issue for decision is whether petitioner is
liable for a section 72(t) additional tax on the distribution
from the qualified retirement plan. Section 72(t)(1) generally
imposes a 10-percent additional tax on certain early
distributions from qualified retirement plans, unless a
distribution comes within one of several statutory exceptions.
See sec. 72(t)(2). Petitioner does not argue, and nothing in the
record indicates, that any of the exceptions apply to the case at
hand. We therefore hold that petitioner is liable for the
section 72(t) additional tax as determined by respondent.
Reviewed and adopted as the report of the Small Tax Case
Division.
Decision will be entered
for respondent.
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Last modified: May 25, 2011