Keith Lamar Jones - Page 6

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          under section 7701(a)(37).  The qualified retirement plan from              
          which petitioner withdrew the $30,368.86 is a plan described in             
          section 401(k), and therefore the exceptions contained in section           
          72(t)(2)(E) and (F), regarding higher education expenses and                
          first-time home purchases respectively, do not apply.                       
          Petitioner’s 401(k) plan is not an IRA as described by the                  
          exceptions in section 72(t)(2)(E) and (F).                                  
               Petitioner’s assertion that he was informed that he could              
          have transferred the funds from the 401(k) plan to an IRA, that             
          the funds were left in the 401(k) plan for 2 years without                  
          petitioner’s making any contributions, and that the difference              
          between a 401(k) plan and an IRA is a matter of form, does not              
          change the fact that the amount received by petitioner was not a            
          distribution from an IRA.                                                   
               We recognize that the differences between a qualified                  
          retirement plan and an IRA are highly technical.  To this extent,           
          we sympathize with petitioner’s confusion.  Regarding section               
          72(t), this Court has repeatedly held that it is bound by the               
          statutory exceptions enumerated in section 72(t)(2).  See, e.g.,            
          Arnold v. Commissioner, 111 T.C. 250, 255-256 (1998); Schoof v.             
          Commissioner, 110 T.C. 1, 11 (1998).                                        
               Accordingly, respondent’s determination that petitioner is             
          liable for the 10-percent additional tax is sustained.                      

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