The document outlines the tax implications and penalties associated with the transfer, early withdrawal, and distribution of a PPVA (Private Placement Variable Annuity). It covers topics such as deemed payments from gifts, 10% penalty for early withdrawal, required distributions upon the death of the owner, and gain or loss upon sale of PPVA. Exceptions to these rules are also discussed.
doj/DataSet10/EFTA01454376.pdf
{"document_type":"legal","document_subtype":"tax implications","reference_numbers":["I.R.C. § 72(e)(4)(A)","I.R.C. § 72(e)(4)(C)(i)","I.R.C. § 72(q)","L.R.C. § 72(s)(3)","L.R.C. § 72(s)(1)(A)","I.R.C. § 1001(a)"]}