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What portion of the distribution is included in gross income

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Problem

Randall distributes $20,000 from his IRA in the first half of 2017. The market value of the IRA is $83,333 on Dec. 31, 2016, and $100,000 on Dec. 31, 2017. If Randall had a basis of $5,000 in his IRA as of Dec. 31, 2016, and he made no contributions during 2017, what portion of the $20,000 distribution is included in gross income for 2017?

Reference no: EM131969150

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