AX RESEARCH MEMO: IRA RESEARCH ASSIGNMENT INSTRUCTIONSOVERVIEWFor this assignment, you will be submitting a tax research memo regarding the scenario detailed below. The purpose of this assignment is for you to research the proper taxation of IRA distributions.INSTRUCTIONSThe memo should be submitted in the form of a Microsoft Word document, using only the template provided, and labeled as follows: lastname_memo IRA.doc. The Relevant Facts, Specific Issues, and Conclusions sections of the memo should be thorough but concise. The key portion of the memo will be the Support section, which should be properly supported by appropriate regulation citations (be specific with section, number, paragraph, and subparagraph as applicable).Prepare (in good form) a research memorandum to the file.As this is a memo, and not a formal writing assignment, current edition APA format is not required. Furthermore, there is no need to submit a title page or research page. Just substitute “Your Firm” at the top of the memo with your full name.SCENARIO: Phyllis maintained an IRA account at the brokerage firm ABC. On February 11 of the current year, she requested a check for the balance of her account. She received the check made out in her name and deposited it the same day in a new IRA account at the brokerage firm XYZ. Phyllis then requested a check on May 8 from XYZ, which was deposited in another new IRA account 35 days later. Is the May 8 distribution taxable to Phyllis? Note: Your assignment will be checked for originality via the Turnitin plagiarism tool.