Allan R. Powell Joan K. Powell v. Commissioner of Internal Revenue, Richard J. Montgomery Adele S. Montgomery v. Commissioner of Internal Revenue

Affirmed by published opinion. Judge GARBIS wrote the opinion, in which Judge HAMILTON and Judge LUTTIG joined.

OPINION

GARBIS, District Judge:

Appellants Alan R. and Joan K. Powell and Appellants Richard J. and Adele S. Montgomery appeal from decisions of the United States Tax Court holding them liable for assessed taxes on excess distributions from their respective retirement plans.

I. INTRODUCTION

A. In General

Succinctly put, the Internal Revenue Code permits employers to place part of the compensation paid to an employee into a qualified, tax-sheltered retirement account. The employer obtains…