Taxable income report on tax return

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Reference no: EM136372

Q1. For handling a crisis of epic proportion (hurricane, flood, blizzard, forest fire, and so forth) which economic system is best suited and why?

Q2. Mario, age 65, purchased an immediate annuity for $120,000 that pays a lifetime monthly income of $1000. The annuity has no refund feature. Based on the IRS actuarial table, Mario has a life expectancy of 20 years. If Mario receives 12 monthly payments of $1000 the first year, how much taxable income must he report on his tax return?

Reference no: EM136372

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