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On July 1, 1999, when Betty was 65 years old, she...

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On July 1, 1999, when Betty was 65 years old, she purchased an annuity contract for $108000. The annuity was to pay Betty $9000 on June 30each year for the remainder of her life. Betty died on March 31, 2012. What are the effects on the annuity on Betty?s gross income and taxable income for 2012?

 

Paper#4642 | Written in 18-Jul-2015

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