-2- from his retirement account in his income in 2004. We hold that he should have included the distribution in income in 2004. The second issue is whether petitioner is liable for the 10-percent additional tax on the distribution from his retirement account under section 72(t). We hold that he is. The third issue is whether petitioner is liable for the accuracy-related penalty under section 6662. We hold that he is. The fourth issue is whether we should impose a penalty on petitioner under section 6673. We hold that we shall not impose a penalty in this case, but caution petitioner that he is at risk of a penalty if he brings similar arguments before the Court in the future. Background This case was submitted fully stipulated pursuant to Rule 122, and the facts are so found. The stipulation of facts, the supplemental stipulation of facts, and the accompanying exhibits are incorporated by this reference. Petitioner resided in Humansville, Missouri, at the time he filed the petition. Petitioner was the superintendent of schools for the Humansville R-IV school district in Humansville, Missouri. Petitioner had a retirement account with the school district regarding his employment, which account was administered by the Public School Retirement System of Missouri (PSRS). The parties agree that the PSRS retirement plan was a qualified plan under section 401(a). Petitioner’s employment was terminated in September 2004. After the termination, petitioner contacted PSRS to determine howPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 NextLast modified: November 10, 2007