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Assuming that she receives 7200 this year what is the

Question - A taxpayer, age 64, purchases an annuity from an insurance company for $72,000. She is to receive $600 per month for life. Her life expectancy 20.8 years from the annuity starting date. Assuming that she receives $7,200 this year, what is the exclusion percentage and how much is included in her gross income?

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Accounting Basics: Assuming that she receives 7200 this year what is the

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