Business, 03.09.2020 06:01 dustincasper2
A 58-year-old investor owns a single premium deferred variable annuity with a current value of $500,000. The original investment was $150,000 and the contract has a death benefit provision. If this investor wished to exchange this policy for one offered by a competing company:.
A) the investor would be liable for ordinary income taxes on $350,000.
B) the tax-free exchange privilege applies only when the exchange is within the same insurance company.
C) the investor would be liable for ordinary income taxes plus the 10% penalty on $350,000.
D) using a 1035 exchange would avoid any current taxation.
Answers: 1
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A 58-year-old investor owns a single premium deferred variable annuity with a current value of $500,...
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