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Michael, a 4 9 - year - old mechanic, has a traditional IRA that he contributes to on a regular basis. He has deducted all

Michael, a

49 -

year

-

old mechanic, has a traditional IRA that he contributes to on a regular basis. He has deducted all of his contributions. Michael decides to buy himself a brand new motorcycle so he takes a $

5, 000

distribution from his traditional IRA to make the down payment. Which of the following is true?

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