can Bob do (if anything) with the account? 17. Claire established a QTP College Savings Plan for Matt, her son. While Matt was attend- ing college, he asked Claire for money to buy a ski boat. Claire agreed, withdrew $10,000 from the QTP account, and purchased the boat for Matt in his name. Will this $10,000 withdrawal and payment be taxed, and if so, whose tax rate will be used? Would it be important to know what portion of the $10,000 represents contributions and what portion represents earnings from interest? Explain