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Determine the amount of the first payment taxpayer

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Reference no: EM132993407

Question - Taxpayer purchased an annuity from an insurance company that promised to pay her $2,100 per month for 15 years. Taxpayer paid a premium of $272,160 for the annuity. Determine the amount of the first payment Taxpayer must include in gross income.

Reference no: EM132993407

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