Section 1035 Exchange

外汇网2021-06-19 13:52:46 51

A tax-free exchange of an existing annuity contract for a new one.

In order for the new contract to qualify as a Section 1035 Exchange, the policyholder must have exchanged his or her existing contract for an equivalent new contract. The annuitant or policyholder must also remain the same. Application of a check received for the old contract against the new contract does NOT qualify.

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