Problem regarding the annuity payments

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Partha owns a qualified annuity that cost $52,000. Under the contract, when he reaches age 65, he will receive $500 per month until he dies. Partha turns 65 on June 1, 2010, and receives his first payment on June 3, 2010. How much gross income will Partha report from the annuity payments in 2010?

Reference no: EM13991752

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