Mary

I have a client who just inherited an IRA. Grandma started to receive MRD two years ago, died in May,2015. Grandson just received a statement from a financial advisor with grandson's name(BENE) and grandma's name(DECD) for this IRA. If grandson take the whole amount out, he would have to pay taxes, but no 10%penalty. But he is required to take MRD every year if he keeps the money in this account. Am I correct?

A lawyer frequently took his employees before, during or after trials to dine at restaurant near by. The FMV of the meals does not include in the employees' wages. Can the employer deducts 100% of the meal expenses or 50%?