Tim retired during the current year at age 58. He purchased an annuity from american national life
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Question:
Tim retired during the current year at age 58. He purchased an annuity from american national life company for $40,000. The annuity pays tim $500 per month for life.
A. Compute tim's annual exclusion.
B. How much income will tim report each year after reaching age 84?
Related Book For
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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