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Statements about the tax implications

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Portia recently passed away. Portia owned an annuity that had five years remaining on the guarantee period and her son Lambo is the beneficiary. The insurance company has informed Lambo that he can choose to take the guaranteed value as a lump sum or he can continue to receive the monthly income payment. If Lambo chooses to continue with the regular monthly payments, which of the following statements about the tax implications is CORRECT?

Reference no: EM132753942

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