If a traditional IRA owner who had made no non-deductible contributions died at age 50 leaving his $500,000 IRA to survivors, what premature distribution tax penalty would apply?

a- No tax penalty would apply?

b- $50,000

c- $100,000

d- $250,000

Alan routinely negociated taxpayers' tax refund checks. What monetary penalty would be imposed if he negotiated 10 such client checks?

a- $50

b- $5,000

c- $500

d- $250,000