Jim, age 71, is a single taxpayer who retired from his job at the Lansing Corporation in 2013. On January 1, 2014, when he begins to receive his annuity distribution, the value of his pension plan assets is $200,000 and his basis is zero. What amount must Jim receive in 2014 and how much of the amount he receives is taxable? Required Amount Distribution Taxable

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The Answer of Jim, age 71, is a single taxpayer who retired from his job at the Lansing Corporation in 2013. On January 1, 2014, when he begins to receive his annuity distribution, the value of his pension plan assets is $200,000 and his basis is zero. What amount must Jim receive in 2014 and how much of the amount he receives is taxable? Required Amount Distribution Taxable

Jim, Age 71, Is a Single Taxpayer Who Retired from His