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cannot claim an unconscionable injury.3 Petitioner also claims
that economic hardship prevents him from paying the deficiency.
That argument does not affect the taxability of the distribution.
Respondent’s determination that the $15,322.69 distribution
is includable in gross income is sustained.
C. Distribution of $7,000
Petitioner received a Form 1099-R from ING for tax year 2001
indicating a $7,000 distribution to petitioner from an Eagle-
sponsored retirement plan. Petitioner received a net amount of
$5,460. At trial, petitioner testified that he could not
remember receiving a distribution from ING or depositing a check
dated October 26, 2001, for $5,460 into his bank account.
Respondent, however, received an information return from ING
reflecting petitioner’s name, his Social Security number, the
plan name (Eagle USA Air Freight), and the plan number. The
check in the amount of $5,460 from ING was issued in petitioner’s
name and deposited or cashed in a bank where petitioner has an
account. Petitioner has not presented any evidence to indicate
that he did not receive this distribution. Respondent’s
determination that the $7,000 distribution is includable in gross
income is sustained.
3 Petitioner also fails to satisfy other elements of
collateral estoppel.
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