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as amended, and all Rule references are to the Tax Court Rules of
Practice and Procedure.
Background
The parties submitted the instant case, fully stipulated,
without trial, pursuant to Rule 122. The parties’ stipulations
of fact are hereby incorporated by this reference and are found
as facts in the instant case.
At the time of filing the petition, petitioner resided in
Doraville, Georgia. During 2001, petitioner owned an individual
retirement account (IRA) with SouthTrust Bank. On May 10, 2001,
SouthTrust Bank issued to petitioner a check in the amount of
$10,841.06 (the original check). SouthTrust Bank debited
petitioner’s IRA account by $10,841.06 and recorded the
transaction as a premature distribution. Subsequently,
SouthTrust Bank submitted to respondent a 2001 Form 1099-R,
reporting a taxable distribution of $10,841.06. The records of
SouthTrust Bank indicated a zero balance in petitioner’s IRA
account as of January 15, 2002.
On March 21, 2003, petitioner presented the original check
to SouthTrust Bank for payment. SouthTrust Bank canceled the
original check but issued petitioner a second check in the amount
of $10,841.06 (the replacement check), which reflected the
current date.
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Last modified: May 25, 2011