Mit, who turned 70 1/2 on June 10th of Year 2, owns 32% of Big Company and is its current CEO. he has amassed $15 million in his qualified plan account as of December 31 of Year 1 and $17 million as of December 31 of Year 2. He has named his grandson Collin (age 9 at the end of Year 2) as his beneficiary. a. What is the minimum distribution that Mit must receive for Year 2? b. If he only receives a distribution of $200,000 during the current year, then how much in penalties will he be required to pay for Year 2? c. Assume that the market crashes in Year 3 and the value of the qualified plan drops to $1 million. As a result of the market drop, Mit dies in September of Year 3 and Colin inherits the IRA. If the value of the IRA is $1 million at the end of Year 3, $1.2 million at the end of Year 4, and $1.5 million at the end of Year 5, how much, if any, must Colin take out to satisfy the minimum distribution in Years 3, 4 , and 5? d. Can Mit delay taking minimum distributions from his Big Company Plan since he is still employed? Explain why or why not.