Recording a 1035 Exchange of Incentive Life Insurance cash value into Annuity
I have had incentive life insurance for around 35 years and have decided to do an IRC 1035 tax-free exchange of the accumulated cash value (thus terminating the life insurance) as the purchase price of a lifetime variable annuity from another insurance company. I have been tracking the investments constituting the cash value of the policy as a brokerage account. How do I record this transaction in QW ver. R32.12 (Win10 PC)?