Glenna is retired from the Cherry Hills Corporation. When she retired at 68, she decided to take
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Glenna is retired from the Cherry Hills Corporation. When she retired at 68, she decided to take her pension as a lump-sum distribution and roll over the proceeds tax free into her IRA. On January 1, 2015, she began to receive the required $22,000 distribution from her IRA account. During the current year she has a $40,000 gain on the sale of land that she inherits from her brother. Because of this gain she decides to reduce her withdrawal from her IRA from the required $22,000 to $6,000. Explain to Glenna the tax consequences of her decision.
DistributionThe word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
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The tax law imposes a 50 penalty on the difference between the minimum expected dist...View the full answer
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Related Book For 
Concepts In Federal Taxation 2018
ISBN: 9781337386074
25th Edition
Authors: Kevin E. Murphy, Mark Higgins
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