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Which of these are nut ax benefits to gained through a Section 1035 exchange? A) capital gains tax treatment on any amounts transferred that exceed the cost basis B) the opportunity to spread the tax consequence over a 5-year time period C) a step-up in cost basis on the monies in the old contract transferring into the new D) a carryover of the cost basis of the original contract to the new contract Among the tax advantages of doing a Section 1035 exchange are A) a step up in basis when the exchange is completed B) no current tax reporting for any gains that accrued in the original contract C) better tax treatment for a life insurance beneficiary when that insured dies D) there are no tax advantages because tax deferral is not available Question \#7 of 25 Which of the following ements regarding the transfer of funds between financial instruments is TRUE? A) An annuity contract used in funding an IRA does not qualify for rollover treatment. B) An exchange refers to the transfer of funds between qualified insurance or annuity contracts, only with C) The shifting of nonqualified noninsurance funds from one account to another is termed an asset transf D) A rollover is the transfer of funds between non-qualified retirement accounts or plans. The Life Insurance and Annuity Replacement Model Re 'ation requires which of the following? A) A minimum of 60-days as a free-look period to consumers who purchase a new policy as part of a replacement transaction. B) The consumer has no right to keep coples of all the sales material presented in connection with a replacement transaction. C) If a consumer indicates that a replacement is contemplated, the consumer must be given a Notice Regarding Replacement docum must be signed by both the consumer and the agent