ProductsCâu 23 / 110
Which of the following exchanges does NOT qualify for tax-free treatment under Section 1035?
a.An annuity contract exchanged for a life insurance policy
b.A life insurance policy exchanged for an annuity contract
c.A life insurance policy exchanged for another life insurance policy
d.An annuity contract exchanged for another annuity contract
Giải thích
Section 1035 permits life-to-life, life-to-annuity, and annuity-to-annuity exchanges, but not annuity-to-life, because that would move funds from a contract whose gains are always taxable into one whose death benefit can pass income tax free. The other three combinations are expressly allowed. Representatives must confirm the direction of the exchange before recommending it.
Trích dẫn luật: Internal Revenue Code Section 1035Luyện miễn phí toàn bộ 110 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- A married couple, both age 66, want annuity income that continues for as long as either of them is alive. Which settlement option fits?
- A surrender charge on a deferred variable annuity is best described as:
- A customer wants to move the full value of an existing non-qualified variable annuity into a different insurer's non-qualified annuity. Handled correctly, this transaction:
- A 52-year-old owner of a non-qualified deferred annuity withdraws $20,000 from a contract with $60,000 of earnings and $40,000 of after-tax contributions. What is the tax result?
- When a non-qualified annuity is annuitized, the exclusion ratio is used to:
- In a scheduled premium variable life insurance policy:
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