Reports that the United States Internal Revenue Service has acquiesced to a partial 1035 exchange of a variable annuity. United Tax Court's ruling in `Conway v. Commissioner'; Provisions of section 1035 of the Internal Revenue Code; Insurance companies' reaction to such exchanges.McDonnell...
To guarantee one individual’s financial income in retirement, a policyholder may purchase a fixed-term or lifetime annuity. A fixed-term or lifetime annuity is a contract offered by insurers guaranteeing regular payments in exchange for an initial premium. Since an annuity depends on survival ...