- 20 -
taxable. Petitioners explain their theory on brief:
[In] 2000 [the] bonus received was $79568.00. * * *
The federal tax withheld on that money was $10,582.54.
* * * [the] remaining * * * bonus amount went in SERP+
account for the tax year 2000. * * * Petitioners
estimated about 1/2 of the SERP money [came] from
depositing bonus money after paying tax and remaining
is the growth of the money due to investment by
Fidelity. Thus $186425.25, which is exactly 1/2 of the
total distribution, was assumed growth and inserted in
* * * the form 1040.
Petitioners’ estimation that approximately half of the Plan
15104 distribution consisted of after-tax employee contributions
is contrary to the Plan 15104 Form W-2, on which Fidelity
Institutional reported that no employee contributions were made.
No evidence in the record supports petitioners’ claim.10
Petitioners have not met their burden of coming forward with
evidence that all or a portion of that distribution is not
included in their gross income.
Therefore, we find that the distribution of $372,850 from
Plan 15104 is included in petitioners’ gross income.
10 Petitioners cite Exhibit 21-J as evidence that half of
the Plan 15104 distribution was comprised of employee
contributions. Exhibit 21-J, a pay statement from Intel dated
Oct. 31, 2000, indicates that a total “SERP deferral” of $39,784
had been made between Jan. 1 and Oct. 31, 2000. Petitioner
maintained several accounts that were at various times referred
to as “SERP” accounts. Exhibit 21-J does not indicate that the
“SERP deferral” was made with respect to Plan 15104 and does not
otherwise contradict the Form W-2 issued by Fidelity
Institutional.
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