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Which of the following is not a guideline for a qualified plan (e.g., an individual tax shelter pension)?
Options
a. Contributions are tax-deductible.
b. Interest accumulates on a tax-deferred basis.
c. Tax penalties for disbursements that begin prior to age 70 ? .
d. Both the principal and interest are taxed when money is withdrawn from these qualified retirement funds.
Answer: C
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