Assume the same facts as in Problem 31, except that in January 2019, because of a cost-of-living
Question:
Assume the same facts as in Problem 31, except that in January 2019, because of a cost-of-living increase, Don's annuity payment was increased to per month. Determine the amount of the 2019 annuity payment to be included in Don's gross income.
Problem 31
Don Smith's wife died in January while still employed and, as her beneficiary, he began receiving an annuity of per month.
There was no investment in the contract after June 30,2013 . The investment in the contract was . Don Smith, age 65 , received his first monthly annuity check as of February 3 , 2018. Determine the amount of his pension to be included in his gross income.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
CCH Federal Taxation 2019 Comprehensive Topics
ISBN: 9780808049081
2019 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
Question Posted: