Michael J. Kulzer & Jan K. Bielman-Kulzer - Page 18




                                        -17-                                          
               So, if on July 18, 2001 I had:  (Attachment I)       $286,205.89       
               And, on December 31, 2001 I had:  (Attachment II)      51,118.05       
                337,323.94                                                            
               Retirement accounts from above:              337,323.94                
               2001 Distributions requiring 10% penalty*   ($63,298.00)               
               *which I paid on 2001 return                274,025.94                 
               So this reflects that sometime in 2001, after withdrawing              
               $63,298.00 I had a balance that on this document was $274,025.94       
               but that was a "snapshot" of two different dates in 2001, but it's     
               likely that sometime that year it could have been $286,000.00.         
               This is very close to the $286,000 I used when I tried to recreate     
               the balances when I calculated how much I could withdraw each year     
               using the substantially equal payments method.  [Emphasis              
               supplied.]                                                             
          As we read it, the thrust of petitioner's memorandum is that                
          petitioner took into consideration both his OCTFCU and SBC                  
          accounts in calculating the account balance used in his                     
          computation of substantially equal periodic payments for purposes           
          of section 72(t)(2)(A)(iv).                                                 
               At trial, petitioner's testimony was different.  He stated             
          that he took into consideration only the balance of his SBC                 
          account in computing periodic payments, and that he did not use             
          his OCTFCU IRA in that computation.  Petitioner's testimony at              
          trial is as follows:                                                        
               BY MS. GINGRAS:                                                        
                    Q    Looking at this exhibit, page five, you                      
                         determined that the account balance that you                 
                         used for your method of calculation was                      
                         $286,000?                                                    
                    A    Yes.                                                         
                    Q    And when determining that account                            
                         balance, you aggregated the balance of                       
                         two different retirement accounts?                           





Page:  Previous  7  8  9  10  11  12  13  14  15  16  17  18  19  20  21  Next 

Last modified: March 27, 2008