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Text of Rev. Rul. 2007-24: Exchange of Nonqualified Annuity Contract (PDF)
Internal Revenue Service [IRS] 
[Official Guidance] May 2, 2007
4 pages. Excerpt: If a Taxpayer receives a check from a life insurance company under a nonqualified annuity contract, the endorsement of the check to a second company as consideration for a second annuity contract does not qualify as a tax-free exchange under § 1035(a)(3). Instead, the amount received is taxable to the extent set forth in § 72(e).
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