On January 1, 2022, when Chuck was 90 years old, he purchased an annuity contract for...

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On January 1, 2022, when Chuck was 90 years old, he purchased an annuity contract for $45,000. The contract was to pay $10,000 per year over his remaining life. The life expectancy for someone who is 90 years old is 5 years. Chuck dies on January 5, 2023, having only received the annuity payment for 2022. How much of his unrecovered cost can his executor deduct on his final tax return? On January 1, 2022, when Chuck was 90 years old, he purchased an annuity contract for $45,000. The contract was to pay $10,000 per year over his remaining life. The life expectancy for someone who is 90 years old is 5 years. Chuck dies on January 5, 2023, having only received the annuity payment for 2022. How much of his unrecovered cost can his executor deduct on his final tax return?

Answer rating: 100% (QA)

Chucks annuity contract was for 45000 and he received only one payment of 10000 in 2022 He died on J... View the full answer