Steven Rudolph Kaldi - Page 4

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          by Vestin Mortgage.4  The account was a “transfer on death”                 
          account with a listed beneficiary.                                          
               On August 16, 2004, respondent assessed the underpayment               
          from petitioner’s 2002 tax return, as well as additions to tax              
          for late filing and late payment, and statutory interest.                   
               On September 17, 2005, respondent issued to petitioner a               
          Final Notice of Intent to Levy and Notice of Your Right to a                
          Hearing with respect to petitioner’s Federal income tax liability           
          for the taxable year 2002.  Petitioner timely requested an                  
          administrative appeals hearing.                                             
               Respondent mailed to petitioner a Notice of Determination              
          Concerning Collection Action(s) Under Section 6320 and/or 6330              
          dated March 7, 2006, determining that he was liable for both the            
          regular tax and the additional early withdrawal tax on the                  
          $45,000, as well as the additions to tax and interest previously            
          assessed.  Petitioner timely filed a petition with this Court.              
               At trial, petitioner conceded that $20,000 of his Individual           
          Retirement Account (IRA) distribution was properly includable in            
          his income and subject to the additional 10-percent tax imposed             
          by section 72(t).  He maintained, however, that $25,000 of the              

               4  Petitioner heard about Vestin Mortgage from a friend who            
          recommended the investment company because “they are on TV all              
          the time.”  According to petitioner’s testimony, it was only                
          after he gave Vestin Mortgage his money that he discovered the              
          company was under investigation by the Securities and Exchange              

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Last modified: November 10, 2007