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Jerry, who was age 5 6 , had just been called into the president s office at Napa Sunrise, Inc. on November 1 2 ,
Jerry, who was age had just been called into the presidents office at Napa Sunrise, Inc. on November and learned that his position has been eliminated in the recent reorganization. Unfortunately, he was devastated and was hit by a city bus while crossing the street in front of his office. He named his son, Tom, as his beneficiary. Tom had just turned years old and was in college at Loyola University, in New Orleans. Jerrys account balance at the time of his death was $ Which of the following is not correct? ATom can take out percent of the value of the account the first year after death. BToms only choice for complying with the minimum distribution rules is to take out the entire balance over a fiveyear period. CEven if Tom does not take out a distribution within the first two years, he will not be subject to a penalty. DTom could take distributions over his life expectancy, as determined from the single life table.
Jerry, who was age had just been called into the presidents office at Napa Sunrise, Inc. on November and learned that his position has been eliminated in the recent reorganization. Unfortunately, he was devastated and was hit by a city bus while crossing the street in front of his office. He named his son, Tom, as his beneficiary. Tom had just turned years old and was in college at Loyola University, in New Orleans. Jerrys account balance at the time of his death was $ Which of the following is not correct?
ATom can take out percent of the value of the account the first year after death.
BToms only choice for complying with the minimum distribution rules is to take out the entire balance over a fiveyear period.
CEven if Tom does not take out a distribution within the first two years, he will not be subject to a penalty.
DTom could take distributions over his life expectancy, as determined from the single life table.
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