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Kay purchased a single premium annuity for $15,000. Beginning in January of the current year, she will receive $1,000 each year for the next 20

Kay purchased a single premium annuity for $15,000. Beginning in January of the current year, she will receive $1,000 each year for the next 20 years. Even though she receives $1,000 in cash, Kay must include only $750 in income in the current year. True or False?

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