When the owner and annuitant is the same person, a spouse beneficiary is permitted what choice under the Internal Revenue Code if the annuitant dies prior to annuitizing the contract?

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When the owner and annuitant is the same person, a spouse beneficiary is permitted what choice under the Internal Revenue Code if the annuitant dies prior to annuitizing the contract?

A

A one-time opportunity to convert the proceeds to a Roth IRA without taxation

B

To adopt the annuity as his/her own and become the annuitant or to name another annuitant

C

There are no choices, when the annuitant dies, the principal value must be distributed to the beneficiary, who may choose the distribution option if none was selected in advance

D

The option to withdraw all funds tax-free in the form of a §1035 exchange to life insurance

Answer: B

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