At age $40,$ Nathan purchased an annuity from an insurance company for $$241,920.$

According to the terms of the contract, Nathan will receive $$3,000$ per month for life

beginning at age $66.$ Show all calculations using good form.

Required:

Assume that Nathan did not make any withdrawals before he reached age $66.$

Nathan begins receiving monthly annuity payments on $\frac{9}{1}\frac{?}{2024},$ the date he turns

age $66.$ How much gross income does Nathan recognize in $2024?$

Assume that Nathan lives $23$ years after the annuity start date. How much gross

income does Nathan recognize in the ${21}^{st}$ year?

Assume that Nathan turned age $66$ on $9/1/2014.$ Further, assume that Nathan dies

on $\frac{8}{31}\frac{?}{2024}$ after collecting monthly annuity payments for exactly $10$ years.

Pertaining to the annuity contract, answer the following:

a$)$ How much is Nathan's deduction on his $2024$ income tax return?

b$)$ How much is included in gross income on Nathan's $2024$ income tax return?