-2-
to the Tax Court Rules of Practice and Procedure, unless
otherwise indicated.
This case involves petitioners' petition for redetermination
of the deficiency of $2,500 determined in their Federal income
tax for tax year 2002. The sole issue is whether petitioners are
liable for the 10-percent additional tax on early distributions
from qualified retirement plans imposed by section 72(t)(1) with
respect to a distribution of $25,000 from an individual
retirement account (IRA) held by Michael J. Kulzer (petitioner)
in the Orange County Teachers Federal Credit Union (hereinafter
referred to as OCTFCU).
The parties have stipulated some of the facts in this case,
and the stipulation of facts filed by the parties is hereby
incorporated in this opinion.
Petitioners are husband and wife. At the time they filed
their petition, petitioners resided in California.
For both taxable years 2001 and 2002, petitioners filed a
joint return pursuant to section 6013(a). Petitioners' return
for 2001 includes a Schedule C, Profit or Loss From Business, for
a business operated by petitioner called "Income Tax
Preparation". Petitioners' return for 2002 includes a Schedule
C-EZ, Net Profit From Business, for the same income tax
preparation business.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Next
Last modified: March 27, 2008