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Carley who turned age 72 on September 10 th of 2022, owns 32% of Big Company, and is its current CEO. She has amassed $15M
Carley who turned age 72 on September 10th of 2022, owns 32% of Big Company, and is its current CEO. She has amassed $15M in her qualified plan account as of December 31 of 2021 and $17M as of December 31 of 2022. She has named her son Simon (age 9 at the end of 2022) as her beneficiary.
a. What is the minimum distribution Carley must receive for 2022?
b. If she only receives a distribution of $200,000 during 2022, then how much in penalties will Carley be required to pay in 2022?
c. Can Carley delay taking minimum distributions from her Big Company Plan since she is still employed? Explain why or why not.
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