Previously Missed Q's 7

Pataasin ang iyong marka sa homework at exams ngayon gamit ang Quizwiz!

All of the following securities could be found in the portfolio of a money-market fund EXCEPT: a. ADRs b. BAs c. T-bills d. Commercial paper

A ADRs (American Depositary Receipts) are a convenient method of investing in the common stock of foreign companies. As an equity investment, it would not be held in the portfolio of a money-market fund. (1-17)

While examining a research report, you read that ABC Corporation's capitalization is highly leveraged. This means ABC has raised most of its capital by: a. Incurring debt in the form of long-term bank loans and long-term bonds b. Issuing equity securities in the form of common stock c. Issuing convertible preferred stock d. All of the above

A Corporations with highly leveraged capitalizations have raised most of their money by incurring debt in the form of long-term bank loans and long-term bonds. (1-7)

Under what conditions can mutual fund shares be used as collateral in a margin account? I. If the shares have been paid in full for at least 30 days II. If the shares were purchased through a dividend reinvestment plan III. If all the securities in the mutual fund's portfolio are considered marginable by the Federal Reserve Board a. I or II only b. I or III only c. II or III only d. I, II, or III

A Newly issued securities are usually not permitted as collateral in margin accounts. Since mutual fund shares are always considered new shares when purchased, this rule applies to them. However, the SEC will permit newly issued shares to be transferred to a margin account after they have been owned for 30 days. In addition, shares that have been purchased as part of a plan for the automatic reinvestment of dividends may be used as margin collateral immediately. (10-28)

Over a ten-year period, Dan Daniels contributed $20,000 ($2,000/yr.) to his Roth IRA. Dan is 62 and ready to retire. The IRA is valued at $30,000. If he withdraws the entire amount, which of the following statements is CORRECT? a. The entire $30,000 is tax-free. b. The entire $30,000 is taxable. c. The $20,000 contribution is taxable, but the $10,000 of growth is tax-free. d. The $10,000 of growth is taxable, but the $20,000 contribution is tax-free.

A Qualified distributions from a Roth IRA are tax-free; therefore, the entire $30,000 can be withdrawn without any tax liability. Qualified distributions are those made at least five years after the Roth IRA was established and in one of the following circumstances. •After age 59 1/2 •In relation to the account owner's death or disability •For first-time homebuyers, subject to a $10,000 lifetime limit (9-14)

All of the following are TRUE regarding mutual fund systematic withdrawal plans EXCEPT that investors: a. Continue to receive payments as long as they live b. Must have a minimum value in their account before withdrawals may begin c. May choose one of several withdrawal methods d. Can often have withdrawals deposited directly in a bank account

A Systematic withdrawal plans are offered by many mutual funds as a convenience to their shareholders. This allows investors to receive regular, periodic payments from their accounts. However, investors should be warned that systematic withdrawal plans from mutual funds do not work like annuities. A systematic withdrawal plan could eventually result in the exhaustion of the account, whereas a life annuity payout will continue as long as the annuitant lives. (4-39)

A client in the 28% tax bracket wishes to buy a corporate bond yielding 7%. What must a municipal bond yield to be equivalent to the corporate bond on an after-tax basis? a. 1.96% b. 5.04% c. 7.00% d. 72.00%

B Municipal bonds pay interest that is exempt from federal income taxes. Interest on corporate bonds is subject to all taxes. The investor in this question would have to pay a 28% tax on the 7% yield received on the bond. This would reduce the yield by 1.96% (7% x 28%) making the after-tax yield 5.04% (7% - 1.96%). If the investor bought a municipal bond yielding 5.04% tax-free, this would be the same as buying a 7% fully taxable corporate bond. (2-36)

Level premium payments are characteristic of which of the following? I. Whole life insurance II. Universal life insurance III. Variable life insurance IV. Variable universal life insurance a. I and II only b. I and III only c. III and IV only d. I, II, and IV only

B Whole life and variable life require the payment of premiums in equal installments. The option to vary the amount of the premium is characteristic of universal life insurance, including universal variable life. (7-4, 7-5)

An individual transferring an IRA from one trustee to another: a. Must be at least 59 1/2 to avoid any penalties b. Will receive a check that must be rolled over within 60 days of receipt to avoid taxes c. Is not subject to any taxes or penalties d. May only do so once each year

C A transfer of funds from one trustee to another is not considered to be a distribution or a rollover. There is neither a limit to the number of transfers that an individual may make, nor are there any taxes or penalties. This differs from receiving a distribution from a retirement plan. The distribution must be rolled over into another qualified plan, within 60 days of receiving the money, in order to avoid taxes and penalties. Rollovers may only be done once each year. (9-9, 9-10)

The level of interest rates in the U.S. has been falling steadily over the past 3 years. Which of the following events had probably occurred during this period? a. The dollar strengthened. b. U.S. importers had a better business environment. c. U.S. exporters sold more goods. d. The Federal Reserve had pursued a restrictive monetary policy.

C This is a difficult question. One reason people buy dollars is to purchase Treasuries. As interest rates go higher and higher, more and more foreign investors may be enticed to purchase Treasuries. In order to purchase the government bonds, they need to buy dollars. This hunger for dollars drives up the value of U.S. currency in relative terms. The bottom line is the value of the dollar typically moves in the same direction as interest rates. When rates go up, the dollar goes up. When rates go down, the dollar falls. A weak dollar would help U.S. exporters since their products would be viewed as less costly from a foreigner's perspective. The U.S. importers would be hurt since foreign goods would be more expensive. (6-22, 6-23)

Which of the following terms is/are synonymous with a sponsor? a. Underwriter b. Wholesaler c. Distributor d. All of the above

D The terms wholesaler, distributor, underwriter, and sponsor are interchangeable. They act as middlemen between the fund and broker-dealers and/or clients. Duties of the sponsor include preparation of sales literature and filing of many of the legal documents associated with a fund. The distributor earns part of the sales charge and 12b-1 fee as compensation for its efforts. (3-12, 3-13)

All of the following are defined as types of investment companies EXCEPT: a. Variable annuities b. Unit investment trusts c. Management companies d. Face-amount certificate companies

A There are three types of investment companies: (1) face-amount certificate companies, (2) unit investment trusts, and (3) management companies (open-end and closed-end funds). While variable annuity separate accounts are not defined as investment companies, they are normally structured as management companies. (3-16)

The most significant factor affecting the net asset value of a mutual fund on a day-to-day basis is: a. The number of shares outstanding b. The market value of the portfolio c. The demand for the fund's shares d. The ratio of cash to the market value of the portfolio

B The formula for the net asset value = (Market value of the portfolio + cash - liabilities) / Number of shares outstanding Changes in market value of the securities held by the fund are responsible for most of the change in a fund's net asset value. All funds hold cash to some degree, but it does not really affect the NAV calculation. Remember, if invested, the cash figure would be part of the market value of the portfolio. (4-22)

An investor would like more information on a fund regarding the computation of net asset value, including such items as accounting for expense accruals, the valuation of positions traded over-the-counter, and the impact of option positions on the financial statement. This information can be found in the: a. Fund prospectus b. Statement of Additional Information c. Monthly account statement d. Investment advisory agreement

B The prospectus is a concise statement of information about a fund, but more detailed information (such as those items in the question) is provided in the Statement of Additional Information. An investor may obtain a copy, without charge, by calling or writing the fund. (3-5, 3-6)

The type of mutual fund that receives premiums as compensation for incurring the obligation to sell stock at a specific price is called a(n): a. Convertible fund b. Option income fund c. Insurance income fund d. Hedge fund

B An option income fund engages in a strategy known as covered call writing. This involves buying common stock and selling option contracts against the shares. The sale of the option contracts provides additional income to the fund. (4-3)

A bonus annuity would be an appropriate investment for: a. Anna, a thirty-one-year-old woman seeking an investment for her IRA b. Bree, a woman in her forties saving for retirement c. Charley, a recently retired 65-year-old investor thinking of exchanging his existing annuity d. Daniel, an 85-year-old man in bad health

B As with all variable annuities, bonus annuities are most suitable for long-term investors. Presumably, Bree is not going to retire for 20 years, so she has the time to wait out the surrender period as well as market downturns. Generally, variable annuities are not a good choice for an IRA (choice a). The client is already receiving tax-deferred growth, which is one of the major benefits of a variable annuity. Charley (choice c) is recently retired and may need access to his funds for living expenses. If he exchanges his existing annuity, he will restart the surrender period. Locking up money in this fashion is probably also not a good idea for Daniel (choice d). (8-22, 8-23)

Homer Depot, a registered representative with BigBoxBroker Investments (BBB), is considering sending a prospect, Dr. Lowes, a summary prospectus on a new nanotechnology fund. Assuming the document is received by the physician, which of the following statements is CORRECT? a. Under UPC guidelines, the client must receive a complete prospectus in either a paper based or electronic format within 24 hours. b. The client may purchase fund shares solely based on the contents of this mini prospectus. c. The client may purchase fund shares based solely on the contents of this mini prospectus, assuming he has signed a waiver with BBB's compliance area attesting to the fact that he is accredited. d. The summary prospectus may be used as a standalone document provided the potential buyer has sufficient investment acumen to make an informed decision in the absence of complete information and has previously signed the predispute waiver clause of his client agreement

B Many mutual funds are employing shorter summary versions of the prospectus called a profile or short prospectus. These reader friendly documents highlight the most relevant information found in the complete prospectus and are designed to encourage potential investors, who may be intimidated by the complete prospectus, to do their due diligence prior to investing. An investor may buy shares based solely on the contents of this document but must be made aware that she is entitled to a complete (full version) prospectus prior to making a purchase. A complete copy of the prospectus will be sent with the client's confirmation of purchase (not necessarily within 24 hours). The predispute clause of a client agreement deals with arbitration. (3-5, 11-35)

Sylvestor Investor is a conservative investor with a long-term time horizon. He wants an investment which will provide him with long-term capital appreciation, but will not be too volatile. Which of the following funds would be the most suitable for him? a. A value fund b. A growth fund c. A fund of funds d. An emerging markets fund

B Of the choices given, a value fund would be the best option for Sylvestor. As with a growth fund, the main objective of a value fund is long-term capital appreciation. Value funds are usually considered less volatile than growth funds, since they invest in companies that are priced low in relation to their earnings. They also tend to invest in more mature companies that are more likely to pay regular dividends than pure growth funds. Both a fund of funds (choice c) and an emerging markets fund (choice d) would be too risky for Sylvestor. (4-3)

If the NAV of an equity fund dropped while the general level of stock prices was rising, one might conclude that: I. The portfolio was not participating in the overall market rally II. The fund value was being diluted through greater share issuance III. The fund had just paid a large dividend or capital gains distribution IV. Fund expenses were falling a. I and II only b. I and III only c. II, III, and IV only d. I, II, III, and IV

B The NAV of a fund falls if the underlying securities depreciate or the fund makes a distribution of dividends or capital gains. The NAV does not drop when new shares are issued because cash, an asset, is received. Falling fund expenses could increase the NAV, not reduce it. (4-22, 4-23)

Morgan invests $4,000 in a mutual fund and signs a letter of intent for $10,000. If his original investment grows to $7,000, what additional amount must Morgan deposit in order to satisfy the letter of intent? a. $3,000 b. $6,000 c. $10,000 d. He has already satisfied the letter of intent

B The amount needed to satisfy a letter of intent (LOI) is based on the amount invested. Appreciation in the account does not count toward the LOI. (4-28, 4-29)

The assets in a Section 529 College Savings Plan may be transferred to another beneficiary without a tax penalty: a. Provided the second beneficiary is already in college b. Provided the second beneficiary is a member of the first beneficiary's family c. As long as the first beneficiary agrees d. Once every 12 months

B The assets in a 529 plan may be transferred to another beneficiary as long as the second beneficiary is a member of the first beneficiary's family. Family includes spouses, children, grandchildren, siblings, nieces and nephews, and first cousins. (9-17, 9-18)

Over the past 3 years, the level of interest rates in the U.S. had been rising steadily. Which of the following events had probably occurred during this period? a. The dollar weakened. b. The dollar strengthened. c. U.S. exporters sold more goods. d. The Federal Reserve had pursued an accommodative monetary policy.

B This is a difficult question. One reason foreign investors buy dollars is to purchase Treasuries. As interest rates go higher and higher, more and more foreign investors may be enticed to purchase Treasuries. In order to purchase the government bonds, they need to buy dollars. This hunger for dollars drives up the value of U.S. currency in relative terms. The bottom line is the value of the dollar typically moves in the same direction as interest rates. When rates go up, the dollar goes up. When rates go down, the dollar falls. A strong dollar would hurt U.S. exporters since their products would be viewed as more expensive from a foreigner's perspective. (6-22, 6-23)

Trent Tucker, age 49, is cost conscious and looking to invest $725,000 in the Growco Fund family. The fund complex has several investment choices offering investors Class A, B, and C shares for each of its individual funds. Trent plans on investing his money for the next several years eventually engaging in a periodic liquidation program to help supplement his retirement needs. Which of the following investments would be your best recommendation for this investor? a.Class B shares, since Trent will not need to pay a CDSC based on his projected long-term investment horizon b.Class A shares c.Class C shares, since they have the lowest annual operating expense d.Advise against the individual funds and recommend buying a Growco annuity instead since this product would generally have significantly lower annual operating costs when compared to the individual funds

B Trent is a long-term investor who is also cost conscious. Surprisingly, it would be in Trent's best interest if you were to recommend that he purchase Class A shares. Although a Class A share has a front end load, in all likelihood (based on the dollar amount discussed) Trent's initial purchase would qualify for a reduced sales charge. On an ongoing basis, Class A shares have lower expense ratios than either Class B or C shares so, for a long-term investor such as Trent, they may be the best choice. Due to some of their ancillary features, such as death benefits, annuities typically have higher annual costs than mutual fund shares. For this reason, the annual costs (expense ratio) of an annuity tend to be higher than that of a straight mutual fund investment. The tradeoff for the client is that annuities grow tax-deferred. Mutual funds do not. (4-26)

A client's 60-year-old spouse passed away having named him the beneficiary on her IRA. He may receive the proceeds of the account: I. As if the proceeds were from the beneficiary's own account II. After the original owner would have reached 70 1/2 III. Over the life expectancy of the original owner IV. Over the life expectancy of the beneficiary a. I only b. III only c. I and IV only d. II and III only

C If you inherited the IRA from your deceased spouse, you may choose either the special spousal option, which allows a spouse to treat the IRA as your own or, alternatively, follow the rules that are required for a person who inherits an IRA from someone other than his spouse. If you elect to be treated as the owner of the IRA account, all the normal rules apply to the IRA just as they would to an account you set up for yourself. This means distributions are subject to the required minimum distribution (RMD) as well as the ten percent penalty for early withdrawals -- notwithstanding the normal exclusions for qualified medical and educational expenses and a first-time home purchase up to $10,000. If you elect alternatively to follow the rules for someone who inherits an IRA from a person other than his spouse, then, as with the original owner, you will not owe tax on the assets in the IRA until you receive distributions. Under this method, since the previous IRA owner died before distributions had begun under the RMD, the entire IRA must be distributed under one of the following two rules. Rule 1. By December 31 of the fifth year following the year of the owner's death Rule 2. Over the life of the designated beneficiary or over a period not extending beyond the life expectancy of the beneficiary (9-11)

A minimum investment or account size is usually required to: I. Make an initial investment in an open-end investment company II. Implement a systematic withdrawal plan from an open-end investment company III. Participate in a contractual mutual fund plan IV. Withdraw from a Roth IRA a. I and II only b. II and III only c. I, II, and III only d. I, II, III, and IV

C Each open-end investment company determines its minimum initial investment. The typical range is between $500 and $2,000. Funds offering a systematic withdrawal plan usually require a minimum account size for participation. The Investment Company Act of 1940 requires that the minimum investment under a contractual plan be $20 and any subsequent payments be at least $10. In a Roth IRA, there is a minimum holding period to withdraw tax-free, not a minimum investment amount. (4-33)

Which of the following statements is TRUE regarding the disclosure of back-end sales charges to customers? a. A statement in the prospectus is sufficient. b. As long as the back-end charges are clearly disclosed, the fund may be represented as "no load". c. A confirmation should be sent disclosing that a sales charge may have to be paid upon redemption. d. Disclosure is required in addition to that in the prospectus only if the broker-dealer and mutual fund are affiliated through common ownership.

C In addition to the disclosure in the prospectus, a confirmation sent by a member firm selling a fund with a back-end load (CDSC) must include a statement that a sales charge may be assessed upon redemption. (4-25)

Which of the following statements concerning the review and retention rules for mutual fund retail communications is TRUE? a. The communication must be kept on file for at least one year b. The communication must be kept on file for at least two years c. The communication and a copy of the approval must be kept on file for at least three years d. The communication and a copy of the approval must be kept on file for at least six years

C Some examples of retail communications include advertisements, sales literature, Web sites, independently prepared reprints, as well as sales and telemarketing scripts. Retail communications related to mutual funds or variable products must be approved by a principal prior to use and filed with FINRA within 10 business days of first use. A copy of the signed or initialed approval document must be kept on file for a minimum of 3 years from the date of last use. (11-13

Which of the following statements concerning a TSA is CORRECT? a. It grows tax-free. b. It is not subject to contribution limits. c. It has a zero cost basis. d. It may be subject to tax-free distributions, if qualified.

C TSA is an examination abbreviation for tax-sheltered annuity. These annuities are employer sponsored plans that are available to certain nonprofit workers. These TSAs (also called 403(b) plans) grow tax-deferred and are subject to the same contribution limits as 401(k) plans. Since they are funded on a pretax basis with contributions coming directly out of the worker's paycheck on a pretax basis, TSAs have a zero cost basis. Translation: Upon distribution, every dollar removed from a TSA is taxable as ordinary income. (8-22, 9-16)

A doctor receives an inheritance of $250,000. She is concerned how this may affect her tax situation. The doctor inquires about where she should park the money while she obtains professional tax advice. Which of the following recommendations is the MOST appropriate? a. A short-term municipal bond fund b. A money-market fund c. A municipal money-market fund d. A U.S. government inflation-protected bond fund

C Whenever a person is looking to park her cash, the most viable option is some form of money-market account. Parking implies a very short-term time horizon (perhaps as little as a few weeks), so (a) and (d) are poor choices. In both cases, those choices involve a fund that purchases bonds and, therefore, is subject to principal fluctuation. This would not suit her needs. However, this question also has an extra dimension to it. The person in this question is a doctor, which implies a high income level. Furthermore, she is inheriting a large sum of money and expressly states she is worried about taxes. These are trigger phrases, which means you should be looking for something that provides some tax relief. In this case, the municipal money-market fund is the BEST answer. It provides both the safety of principal and tax relief the doctor needs. The tax relief comes from the short-term municipal (federally tax-free) securities in the account. Choice (b), the regular money-market, only offers principal safety. (4-6, 4-7, 4-8)

Valencia Brokerage, a Los Angeles, California based broker-dealer with branch offices in Chicago and NY is planning on holding its annual compliance meeting as required by FINRA rules. All of the firm's RRs work on straight salary plus an annual bonus. Which of the following statements concerning this event is CORRECT? a. The meeting must be a one-on-one event attended by each RR and her branch manager at the firm's home office. b. The meeting is required only for firms selling loaded products through commissioned employees since few sales infractions occur within a no-load, straight salary environment, so Valencia may forgo the meeting. c. The meeting must be held on the firm's premises in each of the 3 cities in which it maintains offices. d. The meeting may be conducted over the firm's Intranet to save on travel expenses.

D Under FINRA rules, all firms are required to hold an annual compliance meeting. There is no exemption for firms that only sell no-load products or employ only straight salary employees. This compliance meeting may be conducted in a physical setting such as the firm's offices, a rented auditorium, or through an electronic medium such as a video conference or Webcast. Firms that conduct a compliance conference through an electronic format must create safeguards that ensure that attendees understand the content of the meeting. While a meeting may be prerecorded, participants must have the opportunity to ask questions and obtain answers in a timely fashion. (11-5, 11-8, 11-9)

In reviewing and analyzing a customer's financial status, which of the following are important considerations? I. Discretionary income available for investment II. Insurance needs or policies in place III. Participation in retirement plans IV. Anticipated expenditures a. I only b. II and III only c. II, III, and IV only d. I, II, III, and IV

D All of the information presented should be considered before suggesting or implementing an investment plan for a customer. (5-13, 5-14)

Mr. Jones earns $48,000 per year and has contributed to his Individual Retirement Account (IRA) for each of the past two years. If he is not covered by a corporate pension plan, which of the following statements is TRUE regarding his IRA? a. He must liquidate the IRA by taking a lump-sum distribution. b. He may keep the IRA but additional contributions are prohibited. c.He may keep the IRA and may make an after-tax contribution of up to $5,500 each year. d. He may keep the IRA and may make a pretax contribution of up to $5,500 each year.

D An individual who is not covered by a corporate pension plan may continue to make an annual pretax contribution of up to $5,500 to an IRA regardless of the individual's income. (9-8)

Which of the following statements is CORRECT concerning the use of bond volatility ratings when marketing a mutual fund? a. This practice is inherently deceptive and expressly prohibited under SEC regulations. b. These ratings must comply with the uniform standard set by Standard & Poor's and Moody's rating agencies. c. These ratings are often called risk ratings and are used for high yield funds exclusively. d. These ratings may account for NAV changes due to currency fluctuations.

D Bond volatility ratings are independently produced ratings that attempt to quantify how sensitive a given bond fund's NAV is to changes in the economy such as interest rate and/or currency fluctuations. There is no standardized scale for this measurement and these ratings may never be referred to as risk ratings. (10-20)

In mutual fund sales literature, the term "dollar cost averaging" may not be used without stating: a. That the customer must have the funds to continue the plan through periods of declining stock prices b. That the customer can incur a loss if the plan is discontinued c. That the customer is investing in a portfolio of securities that are subject to price fluctuations d. All of the above

D Dollar cost averaging is investing a specific sum (e.g., $100 a month), in the same security or group of securities, at regular intervals, over an extended period of time. When the securities are at a lower price, the fixed investment will buy more shares than when the price is higher. Customers considering this method of investment must be warned of several things: that they must be consistent in their investments by continuing to invest the same amount of money even in periods of declining stock prices, that the customer can easily incur a loss if the plan is discontinued, and that the securities involved are subject to price fluctuations. (4-33, 4-34)

A corporation may choose to pay its shareholders with cash dividends, stock dividends, or stock splits. Which of the following statements concerning the tax status of these events is the most accurate? a. Only the cash dividends are taxable, and the stock split and stock dividends are irrelevant from a tax standpoint. b. Only the cash dividends and stock dividends are taxable. c. All three are taxable. d. While only the cash dividend is taxable, stock splits and stock dividends cause the client to make an adjustment in her cost basis.

D Only cash dividends are taxable at the time of distribution. The payment of a stock dividend or a stock split simply increases the number of shares held by each shareholder. Since the stock's price will fall in the market, the IRS does not consider any taxes to be due. Shareholders must, however, adjust their cost basis. For example, if a client owned 100 shares that she bought at $80 ($8,000 total) and the stock splits 2-for-1, she now owns 200 shares with a cost basis of $40 per share. Her $8,000 investment has now been spread over her 200 shares. (200 x $40 = $8,000.) (1-9)

Upon the death of the insured, the proceeds of a variable life policy: a. Are taxable as ordinary income b. Are taxable as long-term gains c. Are taxed as ordinary income to the extent of the premiums paid d. Pass to the beneficiary free from federal income tax

D Policy proceeds pass to the beneficiary free from federal income tax upon death of the insured. However, proceeds are included in the policy owner's estate for estate tax purposes. (7-26)

A custodian account generates $10,000 of interest income through investments in corporate bonds. The minor is under fourteen years of age. How is the unearned income taxed? a. $10,000 is taxed at the minor's rate. b. $10,000 is taxed at the parent's rate. c. $10,000 is taxed at the custodian's rate. d. A portion is taxed at the minor's rate and a portion at the parent's rate.

D The tax liability depends on the minor's age and the amount of income earned. When the minor is under 19 years, an amount equal to the IRS ceiling is taxed at the minor's rate. The amount in excess of the ceiling is taxed at the parent's rate. For example, if the ceiling is $1,300, anything above that amount is taxed at the parent's rate. When the minor is 19 or older, all unearned income is taxed at the minor's rate. (5-6)

A customer has funded his Roth IRA with $200,000. The account has grown to $470,000. At age 70 1/2, the customer is considering taking his first distribution. His distribution this year is based upon a 27.4 period of time. If he fails to take his distribution, what is his penalty? a.$8,576 (50% of the required distribution amount) b.$17,153 (the account balance divided by 27.4) c.10% of the required distribution amount of $17,153 d.0

D This question contains information that is not essential to answering the question and is used as a distracter. There is no required minimum distribution (RMD) requirement for a Roth IRA. If the question focused on a traditional IRA, the penalty would be 50% of the RMD amount. (9-14)


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