Which of the Following Is a True Statement About the First

question 97

Multiple Choice

Which of the following is a true statement about the first payment received from a purchased annuity?

• A) The payment can only be taxed in the year after the annuity was purchased.
• B) The payment is not taxed until the annuity payments cease altogether.
• C) A portion of the payment is a return of capital.
• D) The payment is included in gross income.
• E) None of the choices are a true statement.

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