Gina purchased an annuity contract at a cost of $240,000. She will receive a benefit of...

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Gina purchased an annuity contract at a cost of $240,000. She will receive a benefit of $20,000 every year (on her birthday) for the remainder of her life, starting on her 70th birthday. Gina turned 70 in July of 2020 and received $20,000 under the contract. For this problem, assume her life expectancy was 16 years. Unfortunately, Gina attended a party on January 1, 2021, and died at the party. What is the amount of the deduction that can be claimed on her tax return for 2021 related to this annuity? O $112,500 O $80,000 $120,000 O $225,000 Gina purchased an annuity contract at a cost of $240,000. She will receive a benefit of $20,000 every year (on her birthday) for the remainder of her life, starting on her 70th birthday. Gina turned 70 in July of 2020 and received $20,000 under the contract. For this problem, assume her life expectancy was 16 years. Unfortunately, Gina attended a party on January 1, 2021, and died at the party. What is the amount of the deduction that can be claimed on her tax return for 2021 related to this annuity? O $112,500 O $80,000 $120,000 O $225,000

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