Mit, who turned age 7012 on June 10th of 2019, owns 32% of Big Company and is its current CEO. He has amassed $15 million in his qualified plan account as of December 31st of 2018 and $17 million as of December 31st of 2019. He has named his son Colin (age 9 at the end of 2019) as his beneficiary.

1.What is the minimum distribution that Mit must receive for 2019?

2. If he only receives a distribution of $200,000 during 2019, then how much in penalties will he be required to pay for 2019?

3. Assume that the market crashes in 2020 and the value of the qualified plan drops to $1 million. As a result of the market drop, Mit dies in September of 2020 and Colin inherits the IRA. If the value of the IRA is $1 million at the end of 2020, $1.2 million at the end of 2021, and $1.5 million at the end of 2022, how much, if any, must Colin take out to satisfy the minimum distributions in Years 2020, 2021, and 2022 (use the life expectancy tables in effect prior to 2021 for all years?

4. Can Mit delay taking minimum distributions from his Big Company Plan since he is still employed? Explain why or why not.