Fifteen years ago. Mr. Fairhold paid $50,000 for a single-premium annuity contract. This year, he began receiving a $1,100 monthly payment that will continue for his life On the basis of his age, he can expect to receive $312,000. Assume that on January 1, 2025. Mr. Fairhold's unrecovered investment in the annuity is $1.925 Required: a. How much of his total 2025 annuity payments ($13,200) are taxable? b. Assume that he dies in February after receiving only one $1,100 payment What are the tax consequences on his final Form 1040? Complete this question by entering your answers in the tabs below. Required A Required B Assume that he dies in February after receiving only one $1,100 payment. What are the tax consequences on his final Form 1040? (Round Exclusion ratio to 5 decimal places and intermediate calculations to the nearest whole dollar amount.) Amount Taxable income temized deduction on final Form 1040