Required information The following information applies to the questions displayed below] Larry purchased an annuity from an insurance company that promises to pay him $4,500 per month for the rest of his life. Larry paid $433,620 for the annuity. Larry is in good health and is 72 years old. Larry recelved the first annulty payment of $4,500 this month. Use the expected number of payments in Exthibit 5.1 for this problem a. How much of the first payment should Larty include in gross income? Required information The following informotion applies to the questions displayed below) Larry purchased an annulty from an insurance company that promises to pay him $4,500 per month for the rest of his life. Larry pald $433,620 for the annuity. Larry is in good health and is 72 years old, Larry received the first annuity payment of sA,500 thits month, Use the expected number of poyments in Exthibit sit for this problem b. If Larry lives more than 15 years after starting the annulty, how much of each additional payment should he include in gtoss income Required information The following information applies to the questions displayed below] Larry purchased an annuity from an insurance company that promises to pay him $4,500 per month for the rest of his life. Larry paid $433.620 for the annuity. Larry is in good health and is 72 years old. Larry received the first annuity payment of $4,500 this month. Use the expected number of payments in Exhibit 51 for this problem. c. What are the tax consequences if Larry dies just after he receives the 100 th payment? EXHIBIT 5-1 Table for Expected Return Multiple for Ordinary Single-Life Annuity