Question
Elly has a basis in her IRAs of $10,000. In addition, she receives a statement from the bank that reports IRA investments balance to be
Elly has a basis in her IRAs of $10,000. In addition, she receives a statement from the bank that reports IRA investments balance to be $198,000 on December 31,2017. Elly withdrew $2,000 during 2017. What amount of the distribution is excluded from gross income for 2017?
A. 0 B $100 C $1,900 D $2,000
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Financial Accounting Tools For Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
2nd Edition
0471347744, 978-0471347743
