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Lea, a single individual, turned 72 on May 13, 2022. The fair market value of her 401(k) plan was $400,000, $425,000, and $385,000 on
Lea, a single individual, turned 72 on May 13, 2022. The fair market value of her 401(k) plan was $400,000, $425,000, and $385,000 on December 31, 2021, December 31, 2022, and December 31, 2023, respectively. The factors, according to the Uniform Life Table, for ages 72, 73, and 74 are 27.4, 26.5, and 25.5, respectively. What is the amount of Lea's initial required minimum distribution?
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Accounting
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
23rd Edition
978-0324662962
