On Oct 1, 20X13, Cruz purchased an annuity for $90,000 in post-tax dollars, effective immediately, that pays
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On Oct 1, 20X13, Cruz purchased an annuity for $90,000 in post-tax dollars, effective immediately, that pays Cruz $500 a month until death. At the date of purchase Cruz’s official life expectancy was 25 years. How much of Cruz’s 20X13 annuity payments should be included in Cruz’s gross income for 20X13?
a. $0
b. $900
c. $600
d. $1,500
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In this scenario Cruz purchased an annuity for 90000 in posttax dollars on October 1 20X13 which imm...View the full answer
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Related Book For 
South Western Federal Taxation 2016 Individual Income Taxes
ISBN: 9781305393301
39th Edition
Authors: James H. Boyd, William H. Jr. Hoffman, David M. Maloney, William A. Raabe, James C. Young
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