8. At the age of 57, Jamie converted his traditional IRA, valued at $45,000, to a Roth IRA. In the following year Jamie made a contribution of $7,000 to the Roth IRA. At age 60, Jamie took a distribution from this Roth IRA of $100,000 to buy a new car. Which of the following statements is true with regards to the distribution from the Roth IRA?

a. $100,000 will be subject to ordinary income tax

b. $48,000 will be subject to ordinary income tax

c. $48,000 will not be subject to ordinary income tax or penalty

d. $55,000 will be subject to ordinary income tax and penalty