The income tax treatment of payments from annuity contracts is based on the:
I.capital recovery concept.II.assignment of income doctrine.III.annual accounting period concept.IV.arm's-length transaction concept.?
A. Only statement I is correct.
B. Only statement IV is correct.
C. Statements II and III are correct.
D. Statements I and IV are correct.
E. Statements I and III are correct.
Answer: E
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