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Phil took $60,000 coronavirus - related distribution from his qualified retirement plan in 2020 choose and chose to recognize

Phil took $60,000 coronavirus - related distribution from his qualified retirement plan in 2020 choose and chose to recognize

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Phil took $60,000 coronavirus related distribution from his qualified retirement plan in 2020 choose and chose to recognize the income over the maximum period of time. What is the amount of the distribution he must recognize in 2022?
Transcribed Image Text:Phil took $60,000 coronavirus related distribution from his qualified retirement plan in 2020 choose and chose to recognize the income over the maximum period of time. What is the amount of the distribution he must recognize in 2022?
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