Which of the Following Is True with Respect to an IRA

question 17

Multiple Choice

Which of the following is true with respect to an IRA?

• A) Every IRA must have a trustee or custodian
• B) The individual's interest must be forfeitable
• C) Investments may not be made in highly speculative investments
• D) Distribution must begin when annuitant is 70½ years old or the IRS will impose a penalty tax
• E) A, C, and D

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Definitions:

Cylindrical

Having the shape of a cylinder, characterized by a circular cross section and straight sides.

Domical

Shaped like a dome, typically referring to rounded, mound-like geological structures.

Solidified Lava

Lava that has cooled and hardened after erupting from a volcano, forming igneous rock.

Volcanic Ash

Fine particles of rock and volcanic glass created during explosive volcanic eruptions, capable of being carried long distances by the wind.