In 2017, Sandra's widowed aunt Marie died. Among her assets was a $360,000 life insurance policy naming Sandra as the sole beneficiary. Taking the advice of her financial advisor, Sandra elected to receive this money in the form of an annuity, with $48,000 to be paid to her annually for the next 10 years. The annuity terms were as follows:

1. 360,000 face amount of annuity contract
2. 48,000 annual annuity payment - (Sandra is to receive this payout each year on July 1)
3. What is the amount of this annuity is taxable for a 2019 tax return?