Mark Smythe, 53, quit his job at Servicetronics Corporation and did not arrange a direct rollover of his $100,000 profit sharing account. He will receive a distribution check in the amount of distribution, he will be subject to ordinary income tax and a 10% early withdrawal penalty on OA S80,000; s0 If Mark deposits this sum into a rollover IRA or qualified plan within the 60-day period foliowing OB. 575.000, s25,000 OC S100,000, S0 O D. S80,000: S20,000
Mark Smythe, 53, quit his job at Servicetronics Corporation and did not arrange a direct rollover of his $100,000 profit sharing account. He will receive a distribution check in the amount of distribution, he will be subject to ordinary income tax and a 10% early withdrawal penalty on OA S80,000; s0 If Mark deposits this sum into a rollover IRA or qualified plan within the 60-day period foliowing OB. 575.000, s25,000 OC S100,000, S0 O D. S80,000: S20,000
Chapter2: Income Tax Concepts
Section: Chapter Questions
Problem 45P
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT