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Business, 13.08.2020 21:01 alexisbreton

single taxpayer, purchased an annuity for $64,400 that will pay $700 per month until she dies. At the time of purchase, her life expectancy was 23 years. Flowers received payment beginning April 1, Year 1, amounting to $6,300 in the first year of the annuity contract. How much is includable in Flowers' gross income in the first year?

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