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Plan Amt. withdrawn Rollover amt. Notes
Fidelity IRA $100,000 --
Fidelity IRA 10,000 $10,000 “Direct
rollover
correction”
Fidelity IRA 20,000 10,000 “Direct
rollover
correction”
Fidelity IRA 500,000 500,000 Direct
rollover to US
Bancorp IRA
Fidelity IRA 30,000 --
US Bancorp IRA 500,000 285,603
US Bancorp IRA 62,931 --
US Bancorp IRA 27,000 --
Total 1,249,931 805,603
Based on Exhibit II, petitioners reported total taxable IRA
distributions of $444,327. Petitioners also reported total
pension distributions of $372,850, reflecting the distribution
from Plan 15104, but they determined that only $192,850 was
taxable. After including interest income, dividend income, other
income, and a capital loss of $3,000, petitioners reported
adjusted gross income of $1,402,076. Petitioners’ reported
adjusted gross income did not include: (1) The State income tax
refund of $34,500;4 (2) $180,000 of the distribution from Plan
4 The parties agree that petitioners are liable for Federal
income tax in 2000 on the State income tax refund received in
(continued...)
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Last modified: May 25, 2011