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is not reviewable by any other court, and this opinion should not
be cited as authority.
Respondent determined a deficiency in petitioners’ Federal
income tax for the taxable year 2002 of $986. Hereinafter
references to petitioners individually are to Mr. Olup or Mrs.
Olup.
The sole issue for decision is whether petitioners are
liable, under section 72(t), for the 10-percent additional tax on
an early distribution from Mr. Olup’s individual retirement
account (IRA). We hold that they are.
Background
Some of the facts have been stipulated, and they are so
found. We incorporate by reference the parties’ stipulation of
facts and accompanying exhibits.
At the time that the petition was filed, petitioners resided
in Monongahela, Pennsylvania.
In April 1995, Mr. Olup purchased a townhouse in Cecil
Township, Pennsylvania. The townhouse was Mr. Olup’s principal
residence from April 1995 to April 2003. At all relevant times,
Mr. Olup was the sole owner of this townhouse.
Petitioners met in January 2000.2 At that time, Mrs. Olup
had resided continuously with her parents in Monessen,
2 At that time, Mrs. Olup was 24 years old.
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