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Bert Planner purchases a retirement annuity for $384,000. He elects to take a series of payments of $4,000 per month for the remainder of his

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Bert Planner purchases a retirement annuity for $384,000. He elects to take a series of payments of $4,000 per month for the remainder of his life beginning on January 1, 2015 when he turns 65 years old. IRS tables provide that Bert has a life expectancy of 20 years. a) What is Bert's taxable income for 2016? b) What will Bert report assuming he is still alive in 2038? c) What will be reported on Bert's 2016 tax return if he dies on January 1, 2016? after having received one payment

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