16. On June 23, 2017, taxpayer Christopher Jones, age 72, purchased an annuity for $52,000. The annuity terms provide for payment of $280.00 per month, beginning on July 1, 2017. Payments are to be made to Christopher for his life and then to his wife, Maggie, for her life in the event that Christopher dies first. Assume that Maggie age 69 on the date of the annuity purchase. Both Christopher and Maggie remain alive as of December 31, 2020. What income amount will Christopher and Maggie report on their joint 2020 Form 1040? (remember -- round nothing until you arrive at the final answer and then round it to the nearest $10.) A $ 3,360 B 800 0 D 2,560 E None of the above