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I was reading that if I have an annuity contract the contributions prior to 8/14/82 are able to be removed on a fifo basis. My question is I also saw I can exchange the contract for a new one and maintain this option even though the contract will be as of 08. How do i do this on my taxes if I remove the basis?

Example is.

200k contribution 8/1/81

current value 700k

growth is 520k

so i can remove 200k and no taxes correct? Even if I exchange the contract?
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