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and the remainder would be subject to the additional 10-percent
tax.
A “[q]ualified first-time homebuyer distribution” is any
payment received by an individual to the extent that the
distribution is used by that individual within 120 days to pay
qualified acquisition costs with respect to a principal residence
if the individual is a first-time homebuyer. Sec. 72(t)(8)(A).
Unfortunately, the exception under 72(t)(8) is a technical one,
and, because of tragic family circumstances, petitioner falls
outside the exception.
Petitioner received the distribution in late 2002. His
younger brother passed away in 2003, and consequently,
petitioner’s new home acquisition was delayed until the fall of
2004, bringing him outside the 120-day window.
If the language of a statute is plain, clear, and
unambiguous, the statutory language is to be applied according to
its terms unless a literal interpretation of the statutory
language would lead to absurd results. Robinson v. Shell Oil
Co., 519 U.S. 337, 340 (1997); Consumer Prod. Safety Commn. v.
GTE Sylvania, Inc., 447 U.S. 102, 108 (1980); United States v.
Am. Trucking Associations, Inc., 310 U.S. 534, 543-544 (1940);
Allen v. Commissioner, 118 T.C. 1, 7 (2002). In the instant
case, the Court deeply sympathizes with petitioner for his loss,
but we are bound by the statutory language and unable to extend
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