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Fifteen years ago, Mr. Fairhold paid $75,000 for a single-premium annuity contract. This year, he began receiving a $1,400 monthly payment that will continue for his life. On the basis of his age, he can expect to recelve $468,000. Assume that on January 1,2027 , Mr. Fairhold's unrecovered investment in the annuity is $1,950. Required: a. How much of his total 2027 annuity payments ($16,800) are taxable? b. Assume that he dies in February after receiving only one $1,400 payment. What are the tax consequences on his final Form 1040 ? Complete this question by entering your answers in the tabs below. How much of his total 2027 annuity payments ($16,800) are taxable? Fifteen years ago, Mr. Fairhold paid $75,000 for a single-premium annuity contract. This year, he began recelving a $1,400 monthly payment that will continue for his life. On the basis of his age, he can expect to recelve $468,000. Assume that on January 1,2027,Mr. Fairhold's unrecovered investment in the annuity is $1,950. Required: a. How much of his total 2027 annuity payments ($16,800) are taxable? b. Assume that he dies in February after receiving only one $1,400 payment. What are the tax consequences on his final Form 1040 ? Complete this question by entering your answers in the tabs below. Assume that he dies in February after receiving only one $1,400 payment. What are the tax consequences on his final Form 1040? Note: Round Exclusion ratio to 5 decimal places and intermediate calculations to the nearest whole doliar amount