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because of a “separation from service” and electing not to have
Federal income tax withheld from the taxable portion of his
distribution check. In response, Americo sent petitioner a
letter, dated May 9, 2001, requesting petitioner to: (1) Return
the policy contract or submit written acknowledgment that the
policy had been lost or destroyed, and (2) submit written
acknowledgment of the reason or eligibility for a direct
distribution under TAMRA. On the letter, petitioner marked
“financial hardship as defined by the I.R.C.” and signed the
letter on May 14, 2001. Subsequently, Americo sent to petitioner
another letter, dated May 25, 2001, again requesting petitioner
to return the policy contract or submit written acknowledgment
that the policy had been lost or destroyed. On May 30, 2001,
petitioner signed the May 25, 2001 letter acknowledging that the
policy contract had been lost or destroyed. On June 7, 2001,
petitioner also signed the Surrender Request form certifying that
the policy had been lost or destroyed.
With regard to the third policy, and similarly with respect
to the first two policies, petitioner submitted to Americo a
Surrender Request form signed June 2, 2001, electing a full cash
surrender of this policy because of a “separation from service”
and electing not to have Federal income tax withheld from the
taxable portion of his distribution check. On June 7, 2001,
petitioner sent to Americo another Surrender Request form
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