1. Taxation of the death benefit payable under a life insurance contract in a QP. EE Ellen dies at age 63 prior to retirement. Use the information below to determine the taxable amount for the beneficiary of the plan. Lump sum life insurance benefit (death benefit) $150,000 Cash value of life insurance $120,000 Cost Ellen reported to IRS for contract over life $15,000 2. Use the information below to determine the required minimum distribution that Joe Kingston must take from his IRA in 2017. Age he reaches during 2017 Acct balance Dec 31, 2016 72 $250,000 Fig 14.1 (p. 96) Uniform Lifetime Table EE Are Dist Period 70 27.4 71 26.5 72 25.6 73 24.7 74 23.8 75 22.9 1. Taxation of the death benefit payable under a life insurance contract in a QP. EE Ellen dies at age 63 prior to retirement. Use the information below to determine the taxable amount for the beneficiary of the plan. Lump sum life insurance benefit (death benefit) $150,000 Cash value of life insurance $120,000 Cost Ellen reported to IRS for contract over life $15,000 2. Use the information below to determine the required minimum distribution that Joe Kingston must take from his IRA in 2017. Age he reaches during 2017 Acct balance Dec 31, 2016 72 $250,000 Fig 14.1 (p. 96) Uniform Lifetime Table EE Are Dist Period 70 27.4 71 26.5 72 25.6 73 24.7 74 23.8 75 22.9