Jim,age 71,is a Single Taxpayer Who Retired from His Job

Multiple Choice

Jim,age 71,is a single taxpayer who retired from his job at the Lansing Corporation in 2016.On January 1,2017,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 2017 and how much of the amount he receives is taxable?
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Required Amount
Distribution Taxable

A) $7,299 $7,299
B) $7,547 $-0-
C) $7,547 $7,547
D) $12,000 $10,000