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Court. Upon order of this Court, petitioner filed an amended
petition on September 3, 2004, contesting respondent’s
determinations.
OPINION
Gross income means all income from whatever source derived,
including income from compensation for services. Sec. 61(a)(1).
Petitioner admitted receiving wage income of $1,076 from the
public school district. Therefore, we find petitioner must
include $1,076 in her gross income, as determined by respondent.
Generally, distributions from an IRA are includable in the
distributee’s gross income as provided in section 72. Sec.
408(d)(1); Lemishow v. Commissioner, 110 T.C. 110, 112 (1998).
However, “rollover contributions” are not includable in gross
income. Sec. 408(d)(3); Lemishow v. Commissioner, supra at 112.
To qualify as a rollover contribution, the IRA distribution must
be rolled over into an IRA or other qualified plan within 60 days
of the distribution. Sec. 408(d)(3); Lemishow v. Commissioner,
supra at 112; sec. 1.408-4(b)(1) and (2), Income Tax Regs.
Petitioner argues that the $7,000 distribution from the
first Star Bank IRA is not included in her gross income because
the distribution was rolled over into her second Star Bank IRA
within 60 days.4 Petitioner received the distribution from the
4 On brief, petitioner argues that she rolled over an
additional $3,653 into her T. Rowe Price IRA on Mar. 26, 1996.
(continued...)
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