Assume Joe, the owner of a $$150,000$ nonqualified annuity, dies before the contract is annuitized. The values are paid to his named beneficiary. Who is responsible for paying the income tax on the contract's growth?

A$)$ The insurer is responsible.

B$)$ No income tax is due or payable.

C$)$ Joe's beneficiary is responsible.

D$)$ Joe's estate is responsible.

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