Question 23 of 75. Jacqueline, age 51, takes an early distribution from her traditional IRA. The 10% penalty tax will NOT apply to the extent that qualified education expenses were paid to an eligible educational Institution for Jacqueline or her Spouse or dependent sibling. Spouse or any dependent, Spouse, child, or grandchild. Spouse, child, grandchild, or parent. Mark for follow up Question 24 of 75. Fred turned 70% on January 1, 2018. He took the first required minimum distribution (RMD) from his traditional IRA on April 1, 2019. What is the deadline for his next RMD? December 31, 2019 March 1, 2020 April 1, 2020 April 15, 2020 Mark for follow up Question 25 of 75 John, a 50-year-old taxpayer, earned $40,000 in wages. What is the maximum deductible amount of contribution he can make to a Section 401(k) plan for 2019? $19,000 $24,500 $25,000 $40,000 Mark for follow up Question 63 of 75. When Marcus' daughter went to college, he purchased a property near campus for $95,000 for her. At the time, the property tax assessment allocated 10% of the property value to the land. After his daughter graduated, Marcus decided to keep the house for use as a rental. The fair market value at the time of the conversion was $140,000, but now the tax assessment allocated 35% to land value. The basis for depreciation of the house is $85,500 $91,000 $95,000 $140,000 Mark for follow up