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QUESTION 43 If an annuitant dies before recovering the entire investment cost basis in the annuity contract, the amount of the unrecovered investment is allowed
QUESTION 43
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If an annuitant dies before recovering the entire investment cost basis in the annuity contract, the amount of the unrecovered investment is allowed as an itemized deduction on the taxpayers final income tax return.
True
False
QUESTION 44
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In the current year, Mary, who is single, has gross income of $200,000 (no exclusions), adjusted gross income of $150,000, and taxable income of $100,000. She is in the 24% tax bracket and her total tax liability is $18,000. What is Mary s average tax rate for the year?
24%
18%
12%
9%
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