17. Marc takes early retirement at age 59 to pursue his dream of travelling around the world. He ses his residence and uses $120,000 from the proceeds to purchase a term annuity. Maro will receive & payment of $1,800 until age 65, at which point he will begin to receive pension income under his employer's pension plan... What will be the tax implications of the annuity Marc will receive up to age 657 O O O Marc will not have to pay any income tax because the proceeds from the sale of his principal residence are not taxable Marc will have to report the interest portion of his annuity as taxable income each year and pay the applicable incom tax. Marc will have to report the capital portion of the annuity as taxable income each year and pay the applicable income tax Marc will have to report the total annuity received as taxable income each year and pay the applicable income tax