Jim,age 71,is a Single Taxpayer Who Retired from His Job

question 87

Short Answer

Jim,age 71,is a single taxpayer who retired from his job at the Lansing Corporation in 2012.On January 1,2013,when he begins to receive his annuity distribution,the value of his pension plan assets is $200,000 and his basis is zero.What amount must Jim receive in 2013 and how much of the amount he receives is taxable?
$\begin{array} { l }& \text { Required } & \text { Amount } \\&\text { Distribution } & \text { Taxable }\\a. &\$ 7,299 & \$ 7,299 \\b. & \$ 7,547 & \$-0- \\c. & \$ 7,547 & \$ 7,547 \\d. &\$ 12,000 & \$ 10,000 \\\end{array}$

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Definitions:

Relative Measure

A metric that compares performance, values, or other quantifiable factors to a standard or to each other instead of using absolute numbers.

Sustainability Improvement

Refers to actions or initiatives taken to enhance the environmental, social, and economic aspects of operations in a way that promotes long-term viability and responsibility.

Indirect Emissions

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Emissions that are produced directly from a source, such as exhaust emissions from vehicles.