Roger F. and Mary A. Duronio - Page 2




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          all Rule references are to the Tax Court Rules of Practice and              
          Procedure.                                                                  
               The sole issue for decision is whether petitioners qualify             
          for an exception under section 72(t)(2)(E) to a section 72(t)(1)            
          10-percent additional tax with respect to an early distribution             
          from an individual retirement account (IRA).                                

                                  FINDINGS OF FACT                                    
               Some of the facts have been stipulated and are so found.               
               At the time the petition was filed, petitioners resided in             
          Bogota, New Jersey.                                                         
               During the 2002 spring and fall semesters, petitioners’ son            
          attended New York University (NYU) full time and resided in an              
          NYU dormitory.                                                              
               In December of 2001, apparently out of family savings and              
          resources, petitioners made an $18,000 tuition payment to NYU on            
          behalf of their son.                                                        
               In the fall of 2002, to finance his educational expenses,              
          petitioners’ son obtained a $19,263 student loan.                           
               In 2002, neither petitioners nor their son made any                    
          repayments on the above student loan, and petitioners did not               
          make tuition payments on behalf of their son.                               
               Sometime in 2002, petitioner Mary Duronio received a                   
          $19,900 early distribution from her IRA.  At the time of the                
          distribution Mary had not attained age 59-1/2.                              






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