Chase rolls over a $$130,000$ traditional IRA into a Roth IRA upon the advice of his

nephew. The IRA was funded with a series of deposits totaling $$80,000$ and has grown

considerably over the years.

What is the tax consequence to Chase of the rollover?

None

Chase must include the built$-$in gain of $$50,000$ in gross income.

Chase must include the original contribution amount of $$80,000$ in

gross income.

Chase must include $$130,000$ in gross income.

IDON'T KNOWYET