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26. Miscellaneous Questions. (Obj. 3) a. Explain the deduction for the penalty on early withdrawal of savings. b. What are the tax consequences of purchasing

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26. Miscellaneous Questions. (Obj. 3) a. Explain the deduction for the penalty on early withdrawal of savings. b. What are the tax consequences of purchasing a new truck with funds from a Roth IRA for a taxpayer of age 50? What are the tax consequences of purchasing a new truck with funds from a traditional IRA for a taxpayer of age 50

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