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A contribution for this tax year has just been made to King Corporation's qualified retirement plan. Pat King, the company's president and sole shareholder, has
A contribution for this tax year has just been made to King Corporation's qualified retirement plan. Pat King, the company's president and sole shareholder, has had $30,000 allocated to his account in the qualified plan. Is it True, or, False to say that Pat has no currently taxable income due to this transaction?
Select one:
A) True
B) False
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