Question: This year Larry received the first payment from an annuity that promises to pay him $3,000 per month for the rest of his life. The

This year Larry received the first payment from an annuity that promises to pay him $3,000 per month for the rest of his life. The ITS tables indicate that given Larrys age, he should expect to receive 310 monthly payments. The cost of the annuity to Larry was $620,000. How much of the first $3,000 payment should Larry include in gross income?

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