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Jose's nonqualified deferred annuity has a basis of $ 5 0 0 , 0 0 0 and a value of $ 6 7 5 ,

Jose's nonqualified deferred annuity has a basis of $500,000 and a value of $675,000. Jose is age 55 and withdraws $25,000. Jose would have taxable gain of $25,000 plus a $2,500 IRS penalty.
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