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Peter (age 42), your client, REALLY wanted a new bass boat and distributed just enough money from his traditional IRA to purchase the $40,000 boat.

Peter (age 42), your client, REALLY wanted a new bass boat and distributed just enough money from his traditional IRA to purchase the $40,000 boat. He did not think about taxes and it is now time to pay his taxes. If he is in the 28% tax bracket, how much does he owe in taxes and penalties (assuming $0 basis)?

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