Ann, age 50, is the beneficiary of her father's traditional IRA, which was funded entirely by tax-deductible contributions. Her father recently died at age 76. Which of the following statements is CORRECT regarding Ann's options for the inherited account? a) If Ann elects a lump-sum distribution from her father's IRA, the distribution will be taxed as ordinary income plus a 10% penalty.
b) Ann may execute a direct transfer of the account into a traditional IRA she established 10 years ago and has been funding each year.
c) Ann may execute a direct transfer of the account balance into an inherited IRA and defer required minimum distributions until she attains age 70½.
d) Ann may execute a direct transfer of the account balance into an inherited IRA and must begin required minimum distributions by December 31 of the year following the year of her father's death.