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representative who issued the receipt for Mr. Kopty’s stock
certificate. Additionally, Mr. Kopty said nothing about this
alleged mistake when he received the August 1998 statement for
his IRA on which was recorded a “stock rollover DS” on August 24,
1998, consisting of 10,323 shares of J.D. Edwards & Co. stock.
Furthermore, petitioners’ argument presupposes that no
rollover to Mr. Kopty’s IRA at Norwest could take place for
purposes of section 402(c) unless and until the form entitled
"Self-Directed IRA Rollover/Direct Rollover Documentation" was
submitted to Norwest. To the contrary, as discussed above, the
regulations promulgated under section 402 merely require the
contribution to be designated a rollover contribution. The
Norwest form which petitioner executed on October 2, 1998,
entitled “Self-Directed IRA Rollover/Direct Rollover
Documentation” may have been helpful in terms of petitioner’s
relationship with Norwest, to document Mr. Kopty’s wishes, but it
was not essential for purposes of finding a rollover contribution
under section 402(c).
Finally, petitioners’ assertion that Mr. Kopty transferred
the stock certificate to Norwest only for safekeeping until the
shares could be reissued in unrestricted form and sold is
contradicted by Mr. Kopty’s actions. The fact is that Mr. Kopty
executed the form on October 2, 1998, well before the shares were
registered in unrestricted form and sold on November 16, 1998.
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