Keith Lamar Jones - Page 3

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          Revenue Code in effect for the year in issue, and all Rule                  
          references are to the Tax Court Rules of Practice and Procedure.            
               Respondent determined a deficiency in petitioner’s Federal             
          income tax for the taxable year 2001 of $3,036.80.  The sole                
          issue for decision is whether petitioner is liable under section            
          72(t) for the 10-percent additional tax on an early distribution            
          from a section 401(k) qualified retirement plan.                            
               Some of the facts have been stipulated, and they are so                
          found.  The stipulation of facts and the attached exhibits are              
          incorporated herein by this reference.  At the time of filing his           
          petition, petitioner resided in Tucson, Arizona.                            
               Petitioner was employed as an accountant by Deloitte &                 
          Touche (Deloitte), an accounting firm, where he participated in             
          the Deloitte section 401(k) qualified retirement plan (401(k)               
          plan).  Petitioner resigned from Deloitte in September 1999, to             
          begin full-time studies in a Ph.D. program at the University of             
          Arizona; he graduated in May 2004.  In 2001, petitioner received            
          a distribution of $30,368.86 from the 401(k) plan.  He used the             
          funds from the distribution to pay school expenses and to                   
          purchase his first home.  At the time of the distribution                   
          petitioner had not reached 59� years of age.1                               

               1  There are no facts in this record indicating that any of            
          the other exceptions apply as set forth in sec. 72(t)(2)(A).                

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