T .C . Summary Opinion 2006-100

UNITED STATES TAX COUR T

WILLIAM ANTHONY KNIPP, Petitioner v .

COMMISSIONER OF INTERNAL REVENUE, Responden t

Docket No . 932-05S .

Filed July 6, 2006 .

William Anthony Knipp, pro se .

Monica J . Miller , for respondent .

WELLS, Judge : This case was heard pursuant to the provisions of section 7463 in effect at the time the petition was filed . The decision to be entered is not reviewable by any other court, and this opinion should not be cited as authority . All section references are to the Internal Revenue Code, as amended, and all Rule references are to the Tax Court Rules of Practice and Procedure .

SERVED JUL 6 2006

Respondent determined a deficiency in Federal income tax for petitioner's 2002 taxable year . After concessions, the amount in dispute is $2,352 . The issue we must decide is whether petitioner is liable for the 10-percent additional tax on early distributions pursuant to section 72(t) due to a distribution from his qualified retirement plan .

Background

At the time of filing the petition in the instant case, petitioner resided in Jacksonville, Florida . During taxable year 2002, petitioner received a $23,520 .78 distribution from a qualified retirement plan with Financial Administrative Services Corporation (FASC) . The Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc ., issued by FASC characterized the distribution as a taxable early distribution . Petitioner reported the distribution as income on his 2002 tax return but did not report the 10-percent additional tax on his 2002 tax return .

Discussion

We decide the instant case on the record without regard t o section 7491(a) . Section 72(t)(1) imposes a 10-percent additional tax on early distributions from qualified retirement plans unless the distribution meets one of the exceptions enumerated in section 72(t)(2) . Petitioner was 45 years old as of the date of trial . He was not disabled and did not use the distribution to pay for qualified higher education expenses or to purchase his first home . See sec . 72(t) (2) (A) , (E), (F) . At trial, petitioner presented no evidence that he qualified for any of the exceptions enumerated in section 72(t)(2) . Accordingly, we hold that petitioner is liable for the 10-percent additional tax of $2,352 pursuant to section 72(t)(1) .

To reflect the foregoing, Decision will be entere d for respondent .