George and Elam Campbell v. Commissioner

108 T.C. No. 5

UNITED STATES TAX COURT GEORGE AND ELAM CAMPBELL, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent Docket No. 12931-95. Filed February 18, 1997. P was a State employee. In October 1989, P elected to transfer from the State Retirement System to the State Pension System effective November 1989. As a consequence, P received a Transfer Refund in 1989 consisting principally of previously taxed contributions and taxable earnings. Shortly thereafter, P deposited approximately one-half of the taxable portion into an IRA with Loyola. P included the entire taxable portion of…