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the alleged loan guarantee should be treated as a payment of
their son’s educational expenses. Further, petitioners have not
established that in 2002 petitioners paid any of their son’s
other educational expenses.
The Court suggested that petitioners contact NYU officials
to obtain documentation relating to their son’s student loans and
educational expenses. None has been provided.
Because petitioners have not established that in 2002 they
paid qualified educational expenses, petitioners are liable for
the $1,990 10-percent additional tax on the $19,900 early IRA
distribution Mary received.
To reflect the foregoing,
Decision will be entered
under Rule 155.
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Last modified: November 10, 2007