- 2 - Respondent determined a deficiency in petitioners’ Federal income tax for 2001 in the amount of $8,388.10. The deficiency is attributable to the 10-percent additional tax under section 72(t) for an early distribution from a qualified retirement plan. The sole issue, therefore, is whether petitioners are liable under section 72(t). The distribution was from petitioner Basman Ahmad’s (Mr. Ahmad) qualified retirement plan. Some of the facts were stipulated and are incorporated herein. At the time the petition was filed, petitioners resided in Barstow, California. In 1984, Mr. Ahmad, a native of Jordan, moved to the United States where he received a bachelor’s degree in civil engineering from the University of Toledo in 1990. Following graduation, Mr. Ahmad was employed as a civil engineer by the Ohio Department of Transportation. During his nearly 11 years of service, Mr. Ahmad accumulated over $83,000 in the Ohio Public Employees Retirement System (PERS). Mr. Ahmad married his first wife, Amal Ahmad (Ms. Ahmad) in 1991. The couple lived at 3518 Angola Road (Angola Road property), Toledo, Ohio, for the duration of their marriage. According to petitioners, the residence was titled in the name of Mr. Ahmad’s brother, Basem Sulieman (Mr. Sulieman), because Mr. Sulieman had provided the purchase price. In 1997, Mr. Ahmad received a master’s degree and began to pursue a Ph.D. in civil engineering at the University of Toledo.Page: Previous 1 2 3 4 5 6 7 8 9 Next
Last modified: May 25, 2011