______ Mr. Aaron, age 74, retired on May 31, 2020, and received a monthly pension benefit of
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______ Mr. Aaron, age 74, retired on May 31, 2020, and received a monthly pension benefit of $800 payable for life. The first pension check was received on June 15, 2020. During his years of employment, Mr. Jones contributed $27,200 to the cost of his company’s pension plan. How much of the pension amounts received may Mr. Aaron exclude from gross income in 2020?
a). $1,190.
b). $1,360.
c). $4,410.
d). $5,600
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Related Book For
Fundamental Accounting Principles Volume II
ISBN: 978-1260305838
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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