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Common Contracts

1 similar Individual Retirement Annuity Contract contracts

Contract
Individual Retirement Annuity Contract • October 20th, 2020

contract (including, but not limited to, pledging the contract as security for any loan), such contract will cease to be an individual retirement annuity as of the first day of such taxable year, and will not be an individual retire- ment annuity at any time thereafter. If an annuity or endowment contract which constitutes an individual retire- ment annuity is disqualified as a result of the preceding sentence, an amount equal to the fair market value of the contract as of the first day of the tax- able year of the owner in which such contract is disqualified is deemed to be distributed to the owner. Such owner shall include in gross income for such year an amount equal to the fair mar- ket value of such contract as of such first day. The preceding sentence ap- plies even though part of the fair mar- ket value of the individual retirement annuity as of the first day of the tax- able year is attributable to excess con- tributions which may be returned tax- free under section 408(d)(4) o