George purchased a life annuity to provide him monthly payments for as long as he lives. Based

Question:

George purchased a life to provide him monthly payments for as long as he lives. Based on IRS tables, George's life expectancy is 100 months. Is George able to recover his cost of the if he dies before he receives 100 monthly payments? Explain. What happens for tax purposes if George receives more than 100 payments?
Annuity
An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...