Carley, who turned age 72 on September 10th of 2021, owns 32 percent of Big River Company, and is its current CEO. She has amassed $15 million in her qualified plan account as of December 31st of 2020 and $17 million as of December 31st of 2021. She has named her son, Simon (age 9 at the end 2021), as her beneficiary.

1. What is the minimum distribution that Carley must receive for 2021 and when does she have to receive it by?

2. If she only receives a distribution of $200,000 by December 31, 2021, then how much in penalties will she be required to pay for 2021?

3. Can Carley delay taking minimum distributions from her Big River Company Plan since she is still employed? Explain why or why not.

4. Assume that the market crashes in 2021 and the value of the qualified plan drops to $1 million. As a result of the market drop, Carley dies in September of 2021 (after having taken her required distribution for 2021) and Simon inherits the IRA. If the value of the IRA is $1 million at the end of 2021, $1.2 million at the end of 2022, and $1.5 million at the end of 2023, how much, if any, must Simon take out to satisfy the minimum distributions in Years 2021, 2022, and 2023 if his goal to stretch distributions over the longest period possible?