body: "Similarly, if you received specified foreign property as a gift, or inheritance, the cost amount is its fair market value at the time of the gift or inheritance"
  
  
  Question:
  If I am the beneficiary of a foreign non qualified annuity and I opt to leave the annuity in place for a few years (five year rule) and take out a distribution here and there.....
  
  
  What is the timing of this gift? would I be in receipt, time of death, time of reporting death to insurance company, time of receipt of distributions?
  
  
  Would the full amount of the annuity be a part of my calculation of ACB for currency gains/losses or just the distribution?
  
  
  
title: When is "at the time of the gift or inheritance"?