IRC Section 1035 Allows the Owner of an Annuity Contract

IRC Section 1035 allows the owner of an annuity contract to exchange an existing annuity contract for a new one,without:

A) Paying long-term capital gains tax on the investment gains in the current contract.
B) Paying ordinary income tax on the investment basis in the current contract.
C) Paying ordinary income tax on the investment gains in the current contract.
D) Paying short-term capital gains tax on the investment gains in the current contract.