Which of the following statements regarding individual retirement acco

Which of the following statements regarding individual retirement accounts (IRAs) is (are) true?

I. If an individual’s only income during the year is from investments, he or she cannot make an IRA contribution.
II. The funds in the IRA can be used to purchase life insurance on the owner.
A) I only
B) II only
C) both I and II
D) neither I nor II

ANSWER

Answer: A