Richard Bradley - 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 $9,831 deficiency in petitioner’s              
          2001 Federal income tax and a $1,686 accuracy-related penalty               
          under section 6662(a).  After concessions1 by the parties, the              
          issues for decision are:  (1) Whether petitioner must include in            
          gross income early distributions of $15,322.69 and $7,000 from              
          separate retirement plans; (2) whether a loan petitioner received           
          from a retirement plan is taxable as a distribution to the extent           
          of $7,089.95; and (3) to the extent there were early                        
          distributions as described above, whether the distributions are             
          subject to the 10-percent additional tax under section 72(t).               
                                     Background                                       
               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 San Leandro, California.                    
               In 2000 and 2001, petitioner was employed by Circle                    
          International Group, Inc. (CIG), as a building manager and                  
          engineer.  During 2000 and 2001, petitioner was a participant in            
          a CIG-sponsored section 401(k) retirement plan, and he maintained           


               1  Petitioner concedes that he received taxable unemployment           
          compensation of $3,557 in tax year 2001.  Respondent concedes               
          that petitioner is not liable for a $1,686 accuracy-related                 
          penalty under sec. 6662(a).                                                 





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