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QUESTION 5 Which of the following statements about annuity contracts is true? Payments received from an annuity contract are tax-exempt. Annuity contracts provide a fixed

QUESTION 5

Which of the following statements about annuity contracts is true?

Payments received from an annuity contract are tax-exempt.

Annuity contracts provide a fixed income stream.

Payments received from an annuity contract are fully taxable as ordinary income.

Payments received from an annuity contract are fully taxable as capital gain.

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