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SCHWAB v. COMMISSIONER

Docket No. 10525-07.

136 T.C. 120 (2011)

MICHAEL P. SCHWAB AND KATHRYN J. KLEINMAN, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed February 7, 2011.

Attorney(s) appearing for the Case

Jay Weill , for petitioners.

Brian E. Derdowski, Jr. , and Brian Bilheimer , for respondent.

OPINION

HOLMES, Judge:

When a company winds up an employee-benefit plan and distributes its assets, section 402(b)1 says an employee receiving his share of those assets has to pay tax on "the amount actually distributed." Michael Schwab and his wife Kathryn Kleinman both received life-insurance policies as their share of an employee-benefit plan that was ending. They argue that...

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