BUNNEY v. COMMISSIONER OF INTERNAL REVENUE
United States Tax Court
Petitioner (H) and his former wife (W) were divorced in 1992. H and W were residents of California, a community property State.
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Petitioner (H) and his former wife (W) were divorced in 1992. H and W were residents of California, a community property State. The judgment dissolving the marriage ordered that H's IRA's, which were funded with contributions that were community property, be divided equally between H and W. In 1993, H withdrew $ 125,000 from his IRA's and transferred $ 111,600 to W. HELD: sec. 408(g), I.R.C., precludes characterization of W as a 50-percent "distributee" of H's IRA's under sec. 408(d)(1), I.R.C.; accordingly, H, not W, is taxable on the distributions. HELD, further, no portion of the $ 111,600…
1Opinion of the Court
OPINION
Laro, Judge:
This case is before the Court fully stipulated. See Rule 122. Petitioner petitioned the Court to redetermine respondent’s determination of an $84,080 deficiency in Federal income tax for 1993 and a $16,816 accuracy-related penalty for negligence under section 6662(a).
After concessions,1 we must decide the following issues with respect to 1993:(1) Whether petitioner’s gross income includes the entire $125,000 in distributions he received from his individual retirement accounts (IRA’s). We hold it does.(2) Whether petitioner is subject to the 10-percent additional tax for…
2Cases cited26 opinions
- Neely v. CommissionerUnited States Tax Court · 1985
- Rowan Cos. v. United StatesSupreme Court of the United States · 1981
- Kenneth Allen Barbara Allen v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1991
- Allen v. CommissionerUnited States Tax Court · 1989
- Matthews v. CommissionerUnited States Tax Court · 1989
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