Mit, who turned 70 1/2 on June 10th of 2019, owns 32% of Big Company...
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Mit, who turned 70 1/2 on June 10th of 2019, owns 32% of Big Company and is its current CEO. he has amassed $15 million in his qualified plan account as of December 31 of 2018 and $17 million as of December 31 of 2019. He has named his grandson Collin (age 9 at the end of 2019) as his beneficiary.
1. If he only receives a distribution of $200,000 during 2019, then how much in penalties will he be required to pay for 2019?
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