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How much taxable income must she report annually

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Question: Juanita paid a life insurer $72,000 in exchange for an immediate life annuity. Juanita will receive $1,000 per month from the insurer, and her life expectancy is 15 years (180 months). Assume that Juanita receives 12 monthly payments of $1,000 the first year. How much taxable income must she report annually?

Reference no: EM133522279

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