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12. Barry, who was age 56 , had just been called into the President's office...

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Accounting

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12. Barry, who was age 56 , had just been called into the President's office at Napa Sunrise, Inc. on November 12, 2019, and learned that his position has been eliminated in the recent reorganization. Unfortunately, he was devastated and was hit by a beer truck while crossing the street in front of his office. He named his son, Ben, as his beneficiary. Ben had just turned 20 years old and is in college at Florida State University. Barry's account balance at the time of his death was $500,000. Which of the following is correct? a. Barry can take out 50 percent of the value of the account the first year after death. b. Barry only choice for complying with the minimum distribution rules is to take out the entire balance over a five-year period. c. If Barry does not take out a distribution within the first two years, he will be subject to a penalty. d. Barry could take distributions over his life expectancy, as determined from the single life table

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