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Which of the following are characteristics of a private annuity? Title to the property is conveyed to the individual responsible for making annuity payments at
Which of the following are characteristics of a private annuity?
Title to the property is conveyed to the individual responsible for making annuity payments at the time the transaction is created.
It involves a set number of installment payments.
The seller can report gain on the installment basis.
Each payment received by the annuitant is divided into interest income and a nontaxable recovery of basis.
I and II only
I and IV only
II and III only
III and IV only
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