Jessica retired at age 65. On the date of her retirement, the balance in her traditional IRA was $220,000. Over the years, Jessica had made $22,000 of nondeductible contributions and $70,000 of deductible contributions to the account. If Jessica receives a $70,000 distribution from the IRA on the date of retirement, what amount of the distribution is taxable?

Multiple Choice

• $52,500.
• $7,000.
• $70,000.
• $0.
• $63,000.