John is the owner of an annuity that is in the accumulation phase. Jean is named as beneficiary. If John dies, the value of the annuity willA) be taxed to John's estate as a capital gainB) be kept by the company that issued the contractC) be paid to JeanD) not be included in his gross estate

An annuity is a type of financial instrument that financial institutions and insurance firms…

Answered: John is the owner of an annuity that is…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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John is the owner of an annuity that is in the accumulation phase. Jean is named as beneficiary. If John dies, the value of the annuity will A) be taxed to John's estate as a capital gain B) be kept by the company that issued the contract C) be paid to Jean D) not be included in his gross estate