Question: Q3. Greg purchased an annuity for $200,000, which will pay him $10,000 per year for life. His life expectancy is 25 years. If he receives

Q3. Greg purchased an annuity for $200,000, which will pay him $10,000 per year for life. His life expectancy is 25 years. If he receives $10,000 in the current year, calculate the amount he must include as gross income and exclude using the general rule (not the simplified method) (Look at example 39 & book problem #25)

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