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section references are to the Internal Revenue Code in effect for
the year in issue, and all Rule references are to the Tax Court
Rules of Practice and Procedure.
Respondent determined a $6,564 deficiency in petitioner’s
2003 Federal income tax and an accuracy-related penalty of $662
pursuant to section 6662(a).
After concessions,1 the issues for decision are: (1) Whether
petitioner is liable for the 10-percent additional tax under
section 72(t) for an early withdrawal from a qualified pension
plan, and (2) whether petitioner is liable for an accuracy-
related penalty pursuant to section 6662(a).
Background
The stipulation of facts and the attached exhibits are
incorporated herein by reference. At the time the petition was
filed, petitioner resided in New York City.
During taxable year 2003, petitioner was a third-year law
student at the University of Pennsylvania Law School (Penn) in
Philadelphia, Pennsylvania. Petitioner transferred to Penn after
completing his first year of law school at the University of
1Petitioner concedes that he failed to report $9 of interest
received from Wachovia Bank and that he received a $16,263
taxable distribution from a qualified pension plan, which was not
reported on his income tax return.
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Last modified: March 27, 2008