How much does Betty include in gross income

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Q1) Betty buys an annuity for $ 100,000 on March 1, 2021. The annuity pays her $ 1,000 per month for the rest of her life. Betty has a life expectancy of 15 years. She receives 9 payments in 2021. How much does Betty include in gross income for 2021?

Q2) Pam is a graduate student at Enormous State University. Her tuition is $ 24,000 per year. She receives a tuition scholarship of $ 10,000. In addition, she has received a teaching assistantship which pays half of her tuition. How much should Pam include in gross income?

Reference no: EM132817739

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