MrsSoon Retired at Age 68 and Withdrew the Entire $77,100

question 105

Multiple Choice

Mrs.Soon retired at age 68 and withdrew the entire $77,100 balance from an IRA to buy a sailboat.She opened this account in 1999.Which of the following statements is false?

• A)If the account is a Roth IRA,none of the withdrawal is taxable.
• B)If the account is a traditional IRA to which Mrs.Soon made $32,000 nondeductible contributions,$45,100 of the withdrawal is taxable.
• C)If the account is a traditional IRA funded entirely with deductible contributions,the entire $77,100 withdrawal is taxable.
• D)None of the above is false.

Understand the concept of heritability in the context of intelligence.

Identify factors that may impact performance on intelligence tests, including stereotype threat.

Understand the definition and application of promissory estoppel.

Comprehend the concept of consideration and its requirements for a valid contract.

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