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hardship.1 Arnold v. Commissioner, 111 T.C. 250, 255 (1998);
Thompson v. Commissioner, T.C. Memo. 2007-327; Cole v.
Commissioner, T.C. Memo. 2006-44; Gallagher v. Commissioner, T.C.
Memo. 2001-34; Deal v. Commissioner, T.C. Memo. 1999-352; Duffy
v. Commissioner, T.C. Memo. 1996-556; Pulliam v. Commissioner,
T.C. Memo. 1996-354.
Petitioner also argues that his ignorance of the 10-percent
additional tax should except him from liability to pay it.
However, as a general rule, taxpayers are charged with knowledge
of the tax laws. Harrington v. Commissioner, 93 T.C. 297, 314
(1989).
We conclude that under section 72(t) petitioner is liable
for the 10-percent additional tax with respect to his $37,200
early IRA distribution.
To reflect the foregoing,
Decision will be entered
for respondent.
1 Not applicable to petitioner’s financial hardship (and not
effective before Dec. 21, 2005) is a statutory exception to the
imposition of the additional tax under sec. 72(t) applicable to
certain victims of hurricanes Katrina, Rita, and Wilma.
Sec. 1400Q(a)(1), (4)(A); Gulf Opportunity Zone Act of 2005,
Pub. L. 109-135, sec. 201(a), 119 Stat. 2596.
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Last modified: March 27, 2008