Solve the following scenario below:

+ Quentin attained age 70 1/2 on August 7, this year.

+ The balance in Quentin's mutual fund IRA on December 31, last year,is $45,000.

+ The balance in Quentin's bank IRA on December 31, last year,is $20,000.

+ Quentin wants to take a distribution from his IRA to satisfy the minimum distribution requirement.

+ Elizabeth, his wife, is age 65 and is the beneficiary on both of Quentin's IRAs.

Which of the following are correct statements about Quentin's financial situation?

I. To satisfy the minimum distribution rules, Quentin must begin distributions by April 1, next year.

II. To calculate the first minimum distribution, Quentin's life expectancy at age 71 must be used, since the first distribution will be made next year.

III. He must distribute over single life expectancy, and the first required distribution is $3,988.

IV. Quentin must use the Uniform Table to determine the minimum required distribution amount. The first required minimum distribution is $2,372.

Select one:

a. I and II only

b. I and IV only

c. II and III only

d. III and IV only