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Godfrey is age 77. He paid $240,000 for a single life annuity contract that will pay him $28,800 per year for life. The taxable

Godfrey is age 77. He paid $240,000 for a single life annuity contract that will pay him $28,800 per year for life. The taxable amount of the first $28,800 payment is Multiple Choice $21,429. $17,479. $8,965. $7,371.

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