David,age 62,retires and Receives $1,000 Per Month Annuity from His

question 116

Multiple Choice

David,age 62,retires and receives $1,000 per month annuity from his employer's qualified pension plan.David made $65,000 of after-tax contributions to the plan prior to his retirement.Under the simplified method,David's number of anticipated payments is 260.What is the amount includible in income in the first year of withdrawals assuming 12 monthly payments?

• A)$2,600
• B)$3,000
• C)$9,000
• D)$12,000

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Definitions:

Plagiarism

The unethical practice of using someone else's work or ideas without proper acknowledgment, considered a serious academic offense.

Cheating

The act of dishonestly obtaining an advantage, particularly in an academic setting, such as copying someone else's work or using unauthorized materials during an exam.

Break the Rules

Challenging or disregarding conventional norms to explore new possibilities or innovation.

Integrity

The characteristic of showing integrity through adherence to ethical standards and honesty.