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10. Albert, age 43, has a $10,000 Federal tax levy. He also has $200,000 vested...

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Accounting

10. Albert, age 43, has a $10,000 Federal tax levy. He also has $200,000 vested account in a qualified plan. He knows the IRS can take $10,000 from his qualified plan to satisfy the levy. Will he also have to pay a 10% early withdrawal penalty pursuant to the tax levy?

a. Yes b. No

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