payments of $1,200 per month for the rest of his life. Bob is now 65 . Bob's father paid $34,000 in premiums over the years. View the partial Ordinary Life Annuities (One Life) Expected Return Multiple Table. Read the requirements. Requirements a. How much must Bob include in gross income this year if he accepts the $114,000 face amount? b. Assume Bob elects to receive the annual payments. What is his life expectancy? c. What is his annual exclusion? d. How much must he report as income each year