$1.$ A business is valued at $$6,000,000$ and has four equal partners. Each of the partners buys a $$500,000$ life insurance policy on each of the other partners. Which of the following is true.

Group of answer choices

This is an entity purchase plan and the plan is underfunded.

This is an entity purchase plan and the plan is properly funded.

This is a cross$$purchase plan and the plan is underfunded.

This is a cross$$purchase plan and the plan is properly funded.

$2.$A client comes to you and tells you they$$re getting divorced. They would like to know about QDROs. Which of the following regarding QDROs is a true statement?

Group of answer choices

The court determines how the retirement plan will satisfy a QDRO.

If a QDRO results in an IRA being split, all distribution will be subject to a $10\%$ early withdrawal penalty.

If a QDRO results in an IRA being split, all distribution will be subject to ordinary income tax.

A QDRO distribution is not taxable if the distribution is rolled over to a qualified plan or IRA.

$3.$Elizabeth will be turning $65$ in three months. She will be applying this week for Medicare benefits. Select all that are correct.

Elizabeth's initial enrollment period is for a period of seven months which includes three months before her $65$th birthday, the month of her birthday and three months after her birthday.

If she's late signing up for Medicare Part B$,$ she will pay a late enrollment penalty.

If she is late in signing up for Medicare Part B$,$ her monthly premium for Part B may go up $10\%$ for each full $12$month period that she could have had Part B$,$ but didn't sign up for it$.$

Once she has a Medigap supplemental policy, she can never change to another Medigap policy.

Group of answer choices

I, IV

I, II$,$ IV

I, II III

I, II$,$ III, IV

$4.$On August $16$ of the current year, Patrick turns $71.$ He was a participant in his former employer's profit sharing plan. Assume the following: He does not claim the allowed grace period election and that his profit sharing plan had an account balance of $$450,000$ on December $31$ of the prior year, and $$500,000$ on December $31$ of the current year. According to the uniform lifetime table, the factor for age $70$ is $27\mathrm{.}4,71,26\mathrm{.}5$ and $72,25\mathrm{.}6.$ What is the amount of Patrick's required minimum distribution for the year $($rounded$)?$

Group of answer choices

$$0$

$$16,981$

$$18,727$

$$16,423$