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posted a question Jul 15, 2012 at 12:39am
On July 1, 1998, when Betty was 65 years old, she purchased an annuity contract for $108,000. The annuity was to pay Betty $9,000 on June 30 each year for the remainder of her life. Betty died on March 31, 2011. What are the effects of the annuity of Betty’s gross income and taxable income for 2011?
Expert answered the question Jul 15, 2012 at 8:33am
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OnJuly1,1998,whenBettywas65yearsold,shepurchasedanannuitycontractfor$108,000.The...