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Pat purchased an annuity for $400,000 in 2022, which will pay him $32,000 per year for life. His life expectancy is 20 years. If he

Pat purchased an annuity for $400,000 in 2022, which will pay him $32,000 per year for life. His life expectancy is 20 years. If he receives $32,000 in the current year (2023), Calculate the amount he must include as gross income in 2023.

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