Question
On February 15 of the current year, Young received a $10,000 lump-sum payment from a qualified profit sharing plan, the full amount of which Young
On February 15 of the current year, Young received a $10,000 lump-sum payment from a qualified profit sharing plan, the full amount of which Young rolled over into an IRA 46 days later. How much of this lump-sum payment may Young exclude from current-year gross income?
a.$10,000
b.$0
c.$8,000
d.Depends on contribution limit
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
