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III. Analysis
The Court concurs with petitioners’ contentions that there
was little reason to withdraw funds from the IRA of Ann E. Owens
and incur an unnecessary 10-percent tax under section 72(t) when
the funds could have been withdrawn from Howard T. Owens, Jr.’s
IRA without imposition of the additional tax. Nevertheless, the
Tax Court is a court of limited jurisdiction and lacks general
equitable powers. Commissioner v. McCoy, 484 U.S. 3,7 (1987);
Hays Corp. v. Commissioner, 40 T.C. 436, 442-443 (1963), affd.
331 F.2d 422 (7th Cir. 1964). Consequently, our jurisdiction to
grant equitable relief is limited. Woods v. Commissioner, 92
T.C. 776, 784-787 (1989); Estate of Rosenberg v. Commissioner, 73
T.C. 1014, 1017-1018 (1980). This Court has no authority to
disregard the express provisions of statutes adopted by Congress,
even where the result in a particular case, such as the instant
proceeding, seems harsh. Estate of Cowser v. Commissioner, 736
F.2d 1168, 1171, 1174 (7th Cir. 1984), affg. 80 T.C. 783 (1983).
With respect to section 72(t) in particular, this Court has
repeatedly ruled that it is bound by the list of statutory
exceptions enumerated in section 72(t)(2). See, e.g., Arnold v.
2(...continued)
sec. 72(t)(2), as written. Because the Court’s ruling on this
issue renders superfluous further facts beyond those stipulated
by the parties, no findings are made with respect to the accuracy
of additional aspects of Howard T. Owens, Jr.’s recollections.
In a similar vein, this case is decided without regard to burden
of proof. See sec. 7491; Rule 142.
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