32. Shirley bought a nonqualified immediate straight life annuity for $100,000 and received $14,000 annually, only $4,000 of which was includible in her income under the exclusion ratio. Which of the following would occur at the end of ten years? a. Periodic payments would end. b. All further periodic payments would be fully taxable. c. The taxable portion of her periodic payments would receive capital gains tax treatment. d. Periodic payments would increase to account for a change in tax treatment