Sign In
Events
Newsletters
Search

Close

Close Search

Cancel

SEARCH
MY LAW.COMNEW

Young Kim v. Commissioner of Internal Revenue

X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
ARGUED APRIL 12, 2012

Before EASTERBROOK, Chief Judge, and MANION and SYKES, Circuit Judges.

At age 56, Young Kim left his position as a partner in a law firm and enrolled in the London School of Economics. Employees who depart at age 55 and up may withdraw money from the em- ployer’s retirement plan. They must pay income tax (retirement plans contain pre-tax dollars), but they do not owe the 10% additional tax that the Internal Revenue Code imposes on most withdrawals before age 59½. 26 U.S.C. §72(t)(1), (2)(A)(v). During 2005 Kim moved the funds from the law firm’s retirement plan to an individual retirement account. A rollover is not a taxable event. 26 U.S.C. §402(c); 26 C.F.R. §1.402(c)-2. During 2006 Kim withdrew about $240,000 from the IRA. He paid the income tax but not the 10% additional tax. The Commissioner of Internal Revenue concluded that he owes the 10% tax and, because he had not paid it, also owes a penalty for substantial underpayment of taxes. 26 U.S.C. §6662.

 
Reprints & Licensing
Mentioned in a Law.com story?

License our industry-leading legal content to extend your thought leadership and build your brand.

LEARN MORE

More From ALM

Premium Subscription
With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. This is perfect for attorneys licensed in multiple jurisdictions or for attorneys that have fulfilled their CLE requirement but need to access resourceful information for their practice areas.
View Now
Team Accounts
Our Team Account subscription service is for legal teams of four or more attorneys. Each attorney is granted unlimited access to high quality, on-demand premium content from well-respected faculty in the legal industry along with administrative access to easily manage CLE for the entire team.
View Now
Bundle Subscriptions
Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. Both options are priced the same.
View Now
Go to CLE Center
Complex Claims & Litigation Forum 2025
February 24, 2025 - February 26, 2025
Las Vegas, NV

This conference aims to help insurers and litigators better manage complex claims and litigation.


Learn More
Legalweek Leaders in Tech Law Awards 2025
March 24, 2025
New York, NY

Recognizing innovation in the legal technology sector for working on precedent-setting, game-changing projects and initiatives.


Learn More
Legalweek New York 2025
March 24, 2025 - March 27, 2025
New York, NY

Legalweek New York explores Business and Regulatory Trends, Technology and Talent drivers impacting law firms.


Learn More
Go to Events Go to Webcasts
Senior Deputy District Counsel / Principal Deputy District Counsel

ABOUT THIS RECRUITMENTOur attorneys face some of the most challenging, cutting-edge legal issues in the environmental field. As such, we ar...


Apply Now ›
SENIOR VICE PRESIDENT FOR LEGAL AFFAIRS AND GENERAL COUNSEL

Hofstra University enrolls over 6,000 undergraduate students and nearly 4,000 graduate students in 13 schools, which feature a variety of de...


Apply Now ›
IP ASSOCIATE, PATENT AGENT, TECHNICAL SPECIALIST (Patent Prosecution) (multiple locations)

McCarter & English, LLP is actively seeking a patent associate, patent agent, or technical specialist for its Intellectual Property Prac...


Apply Now ›
Go to Lawjobs