When Myra was 50 years old she purchased an annuity that would pay her $100,000 per...
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When Myra was 50 years old she purchased an annuity that would pay her $100,000 per year for her life starting when she turned 60. She paid $1,200,000 for the annuity Myra turned 60 on January 1, 1989 when her life expectancy was 30 years. Myra's 30 th annual payment of $ 100,000 was received on December 31, 2018. Myra's 31 st payment was received December 31, 2019. (Myra outlived her actuarial life expectancy. What amount of gross income from these annuity payments must Mytra include in her 2018 and 2019 gross Income? Multiple Choice $60,000 in 2018 and $100,000 in 2019 $100.000 in 2018 and 2019 $60.000 in 2018 and 2019 $40,000 in 2018 and $100,000 in 2019 When Myra was 50 years old she purchased an annuity that would pay her $100,000 per year for her life starting when she turned 60. She paid $1,200,000 for the annuity Myra turned 60 on January 1, 1989 when her life expectancy was 30 years. Myra's 30 th annual payment of $ 100,000 was received on December 31, 2018. Myra's 31 st payment was received December 31, 2019. (Myra outlived her actuarial life expectancy. What amount of gross income from these annuity payments must Mytra include in her 2018 and 2019 gross Income? Multiple Choice $60,000 in 2018 and $100,000 in 2019 $100.000 in 2018 and 2019 $60.000 in 2018 and 2019 $40,000 in 2018 and $100,000 in 2019
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Annuity is the long term investment that is issued by an insur... View the full answer
Related Book For
Modern Advanced Accounting in Canada
ISBN: 978-1259087554
7th edition
Authors: Hilton Murray, Herauf Darrell
Posted Date:
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