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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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