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On June 1, 1997 Mortimer purchased an annuity for $88,320. On the date of his 67th birthday-June 1, 2016-the annuity began making payments of $1,000
On June 1, 1997 Mortimer purchased an annuity for $88,320. On the date of his 67th birthday-June 1, 2016-the annuity began making payments of $1,000 per month for the rest of his life. However, Mortimer died on May 31, 2020. During 2020, Mortimer collected $5,000 ($1,000 per month x 5 months). How much does Mortimer include in income on his 2020 income tax return? a) $2,000 b) $5,000 c) $3,150 d) $3,000 $-O
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