-2-
concessions,2 the issue for decision is whether $3,480 in taxable
distributions from petitioners’s individual retirement account
(IRA) is subject to the 10-percent additional tax under section
72(t).
FINDINGS OF FACT
Petitioner resided in Alexandria, Virginia, when the
petition was filed.
Petitioner was born in 1951. In 2003, he received $21,950
in distributions from an IRA. Petitioner used the proceeds
during 2003 to help pay $18,470 in college expenses on behalf of
his sons David and John Nolan and $15,525 in tuition and fees to
Randolph-Macon Academy on behalf of a third son, Christopher
Nolan. Christopher was enrolled in the ninth grade at Randolph-
Macon Academy, a private high school that prepares students for
college and the military. Christopher is scheduled to receive
his high school diploma from Randolph-Macon Academy in 2007.
On February 8, 2006, respondent issued petitioner a notice
of deficiency for 2003. Respondent determined that petitioner
was liable for additional tax of $2,195 on the early
distributions from his IRA.
2Respondent conceded that petitioner is not liable for the
10-percent additional tax to the extent of $18,470 used to pay
qualified higher education expenses on behalf of petitioner’s
children David and John Nolan. The expenses consisted of: (1)
$15,500 to Mount Olive College; (2) $2,556 to George Mason
University; and (3) $415 to Northern Virginia Community College.
Page: Previous 1 2 3 4 5 6 7 8 9 Next
Last modified: November 10, 2007