Question: john age 4 0 took a 1 0 , 0 0 0 annuity loan under his nonqualified annuity contract. At the time of taking the

john age 40 took a 10,000 annuity loan under his nonqualified annuity contract. At the time of taking the loan he had paid 50,000 in net preimiums an the cash value was 58,000. what tax penaly if anwy wold be imposed

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Q:

1.If you increase the number of payments on an amortized loan, does the payment increase or decrease? Explain. 2. Different cash flow. Given the following cash inflow at the end of each year, what is...

Q:

the case provided below - Kaya FM Home of the Afripolitan Question 1: What co-branding strategies can Kaya FM employ to best deal with their branding approach going forward and why? Question 2:...

Q:

the case provided below - Kaya FM Home of the Afripolitan Question 1: Considering the issues facing Kaya FM, utilise the various alternative opportunitygrowth strategies found in the Ansoff matrix...

Q:

the case provided below - Kaya FM Home of the Afripolitan Question 1: Besides Digital Marketing as one of the IMC strategies, propose two other important IMC elements which Kaya FM would use to get...

Q:

the case provided below - Kaya FM Home of the Afripolitan Question 1: Considering the issues facing Kaya FM, utilise the various alternative opportunitygrowth strategies found in the Ansoff matrix...

Q:

attached below are the year 4ratios below are the year 3 ratios thanks you QUESTION 1 Required: You have been asked by your company's Board of Directors to provide an analysis of six of your...

Q:

please anwser the journal entries asap from a-n and i will rate!! THE COMPANY Aylmer Industries Inc. (Aylmer) has been in business since 2018. Aylmer has two main business segments. This first...

Q:

Question 1 0 out of 5 points Angela's credit card has an interest rate of 17.5% and her balance was $660 at the end of June. In July, Angela made the following transactions: 7/8: Bought clothes for...

Q:

I provided the tables Problem 11-5 Property, plant, and equipment and intangible assets; comprehensive [LO11-2] The Thompson Corporation, a manufacturer of steel products, began operations on October...

Q:

Old MathJax webview please attempt this question ..I w ill appreciate QUESTION 2 Required: You have been asked by the Board of Directors to carry out Cost Volume Profit analysis on your business'...

Q:

Charlotte is doing a study on fraud and identity theft based both on source (checks, credit cards, debit cards, online banking/finance sites, other) and on gender of the victim. Describe the sampling...

Q:

Junior Bodway, Inc., has provided the following budget data: Sales 10,000 units Sale price ps 50 per unit Variable expends ps 30 per unit fixed expense ps 180.000 How many units would the company...

Q:

Marigold Corp. hadd the following transactions during the quarter ended March 3 1 , 2 0 2 6 6 Payment of fire insurance premium for the calendar year 2 0 2 6 , 8 1 0 0 0 0 What amount should be...

Q:

Add "Viggo Mortenslet cast = new Map ( ) ;en " to the cast as the key, with value "Aragorn".