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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
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
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