-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?
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