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How much annuity is includible in gross income

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Question - Ned Norton, a calendar year taxpayer, purchased an annuity contract which pays him $54 per month beginning June 1, 2018. This annuity cost him $2, 400 and it has an expected return of $7,200. How much of this annuity is includible in gross income for the 2018 calendar year?

Reference no: EM132429527

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