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Please be sure your answers are right, thank you 8. Two years ago, Ben Baker purchased an annuity contract at a cost of $50,000, all
Please be sure your answers are right, thank you
8. Two years ago, Ben Baker purchased an annuity contract at a cost of $50,000, all of which he paid at the time of purchase. The annuity pays a benefit of $420 per month. Assume that the expected return for Ben Baker is $70,000 over the life of the annuity. How much income will Ben Baker report as gross income for the current year? . $2,520 1,440 5,040 3,600 E None of the above B D 9. During 2020 Mary Moore, an airline pilot, received wages of $134,000. Her airline provided transportation on a standby basis, at no charge, from her home in Richmond, Virginia to the airline's hub in Dallas, Texas. The fair market value of the 2020 commuting flights was $7,000. Also, in 2020, Mary became disabled and received worker's compensation payments of $3,000 and $2,000 punitive damages arising out of a 2018 automobile accident. What is Mary's 2020 gross income? $134,000 137,000 139,000 136,000 None of the above B D EStep by Step Solution
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