Larry purchased an annuity from an insurance company that promises to pay him $500 per month for the rest of his life. Larry paid $48380 for the annuity Larry is in good health and is 72 years old. Larry received the first annuity payment of $500 this month. Use the expected number of payments in Exbita5-1 for this problem Required: a. How much of the first payment should Larry include in gross income? b. If Larry lives more than 15 years after starting the annuity, how much of each additional payment should he include in gross income? c. What are the tax consequences if Larry dies just after he receives the 100th payment? Complete this question by entering your answers in the tabs below. Required A Required 0 Required How much of the first payment should Larry include in grass income? Required > Larry purchased an annuity from an Insurance company that promises to pay him $500 per month for the rest of his life. Larry paid $48,180 for the annuity. Larry is in good health and is 72 years old. Larry received the first annuity payment of $500 this month. Use the expected number of payments in Exhibit 5-1 for this problem. Required: a. How much of the first payment should Larry include in gross income? b. If Larry lives more than 15 years after starting the annuity, how much of each additional payment should he include in gross income? c. What are the tax consequences if Larry dies just after he receives the 100th payment? Complete this question by entering your answers in the tabs below. Required Aequired B Required c If Larry lives more than 15 years after starting the annuity, how much of each additional payment should he include in gross income? Amount to be included in gross income > Larry purchased an annulty from an insurance company that promises to pay him $500 per month for the rest of his life. Larry pald $48,180 for the annuity Larry is in good health and is 72 years old. Larry received the first annuity payment of $500 this month. Use the expected number of payments in Exhibit 5-1 for this problem Required: a. How much of the first payment should Larry include in gross income? b. If Larry lives more than 15 years after starting the annuity, how much of each additional payment should he include in gross income? c. What are the tax consequences if Larry dies just after he receives the 100th payment? Complete this question by entering your answers in the tabs below. Required A Required B Required c What are the tax consequences if Larry dies just after he receives the 100th payment? EXHIBIT 5-1 Table for Expected Return Multiple for Ordinary Single Life Annuity Age at Annuity Starting Date Expected Return Multiple 68 17.6 69 16.8 70 16.0 71 15.3 72 14.6