7. Taxpayer, age 68, just purchased an annuity contract at a cost of $100,000. Assume that the annuity will pay Taxpayer $600 per month for life. How much each year may Taxpayer exclude? A B D E $7,890 3,600 7,200 1,600 None of the above

7. Taxpayer, age 68 , just purchased an annuity contract at a cost of $100,000. Assume that the annuity will pay Taxpayer $600 per month for life. How much each year may Taxpayer exclude