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Check Number Payee Amount
2016074195 Lee Seidel $10,000.00
2016074191 First Community
Financial Services $24,159.662
2016074192 First Community
Financial Services $6,847.462
Also during 1999, petitioner received a $10,141.98
distribution from Putnam Investments (her own 401(k) plan) and a
$11,567.62 distribution from Standard Insurance Company.
However, petitioner reported total pension and annuity
distributions on her 1999 Federal income tax return of only
$40,172. This amount represents one-half of the net distribution
from Mr. Seidel’s CWSC 401(k) plan of $30,030 and $10,142
received from Putnam Investments. Therefore, respondent in the
notice of deficiency adjusted petitioner’s pension and annuity
income upward by $58,537. In the notice of deficiency respondent
determined (1) that petitioner failed to report the $11,567
distribution from Standard Insurance Company, and the additional
$46,970 distribution from New York Life from Mr. Seidel’s CWSC
2These check payments made to First Community Financial
Services were made to pay off the principal balance of a second
mortgage on petitioner’s house, which was a liability assumed
during petitioner and Mr. Seidel’s marriage, and as such was a
joint liability, and to pay off another unspecified joint
liability.
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Last modified: May 25, 2011