"A customer invests $50,000 in a non-qualified variable annuity. Over the years, it has grown in value to $110,000. The customer’s cost basis in the annuity contract is::"

The customer's cost basis in the annuity contract is $50,000.

Explanation:

The customer's cost basis in the annuity contract is the initial payments or premiums made in an annuity amounting to $50,000.  This amount is usually taxed at the initial point.  This implies that the $110,000 which the annuity has accumulated to will no longer be taxed.  The customer will enjoy her lump sum and withdrawals undisturbed by the Internal Revenue Service.

anjan should should report alteast 5000 on the first apyment and 10,000 each year

explanation:

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