Ramzy M. and Lena Kopty - Page 25




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              Furthermore, in this case, the 60-day period is satisfied               
         regardless of the date used as the date of the "transfer of a                
         distribution".  See sec. 402(c)(3).  That date could be August 4,            
         1998, the day on which petitioner hand-delivered the certificate             
         to Norwest, or August 24, 1998, the day on which Norwest recorded            
         the transfer on its statement for petitioner’s IRA for the period            
         ending August 31, 1998.                                                      
              Petitioners do not deny that they intended to rollover the              
         distribution which Mr. Kopty received in 1998 from the J.D.                  
         Edwards & Co. ESOP.  Further, they do not deny that Mr. Kopty                
         delivered his J.D. Edwards & Co. stock certificate to Norwest on             
         August 4, 1998.  What they argue is that when Mr. Kopty hand-                
         delivered the stock certificate to Norwest on August 4, 1998, he             
         intended to give the certificate to Norwest only for safekeeping,            
         pending the reissuance of the stock without restriction and its              
         sale.  Petitioners assert that Norwest made a mistake by                     
         depositing the stock into petitioner’s IRA before October 2,                 
         1998, the date on which petitioner executed the Norwest form                 
         entitled “Self-Directed IRA Rollover/Direct Rollover                         
         Documentation”.                                                              
              One problem we have with this factual contention is that                
         there is nothing in the record, other than petitioners’                      
         testimony, to substantiate it.  Certainly, Mr. Kopty did nothing             
         to call this alleged mistake to the attention of the Norwest                 







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