16. On his 63rd birthday on May 1,11997, Larry purchased an annuity for $96,000. Effective May 1, 1998, Larry's 64th birthday, the annuity began paying him $1,000 per month for the rest of his life. During 2021, Larry collected $12,000 (12 payments x $1,000 per payment). How much is Larry required to include in gross income in 2021? a) $12,000 Ob) $6,000 c) $4,800 Od) $.0- e) $7,200 15. On his 70th birthday on March 1, 2021. Keegan purchased an annuity for $48,000. Effective April 1, 2021 the annuity began paying him $1,000 per month for the rest of his life. During 2021. Keegan collected$9.000 (9 payments x S1,000 per payment). How much is Keegan required to include in gross income in 2021? a) $2,250 b) $6,750 O c) $-0. d) $9.000 e) $6,187