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CONCEPTS IN FED.TAX.,2020-W/ACCESS

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter15: Choice Of Business Entity—other Considerations

Section: Chapter Questions

Problem 84IIP

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Question

Your third client just celebrated his 72nd birthday in February. He recently
sold the Subway that he owned for 30 years. His wife is two years older
than he is. His IRA was worth $1,859,203.46 on December 31st of last
year, but it is worth $2,450,891.76 now. Factoring for the SECURE Act of
2019, what is his RMD amount for the current tax year? Round your
answer to the nearest dollar amount.

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Please answer with explanation. I will really upvote.
Answer the following question in detail. Assume this follows the Canadian Income Tax Act.

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