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How much of first payment larry include in gross income

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Problem - Larry purchased an annuity from an insurance company that promises to pay him $1,500 per month for the rest of his life. Larry paid $144,540 for the annuity. Larry is in good health and is 72 years old. Larry received the ?rst annuity payment of $1,500 this month. How much of the first payment should Larry include in gross income?

Reference no: EM132681197

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