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:

$1.$ Assume that Nathan did not make any withdrawals before he reached age $66.$

Nathan begins receiving monthly annuity payments on $9/1/2024,$ the date he turns

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

$2.$ Assume that Nathan lives $23$ years after the annuity start date. How much gross

income does Nathan recognize in the $21$st year?

$3.$ Assume that Nathan turned age $66$ on $9/1/2014.$ Further, assume that Nathan dies

on $8/31/2024$ 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?