Tax Drill - Annuity Contract Trent purchased a joint and survivor annuity contract from an insurance company (i.e., a commercial contract) ten years ago. Under the contract's terms, Trent is to receive payments of $60,000 per year for his life. Upon Trent's death, his daughter is to receive $15,000 annually for her life. This year, when his daughter is 38 years old, Trent dies. The cost of an annuity paying $15,000 annually for a female age 38 years is $40,000. The value of the annuity contract included in Trent's estate is s Tax Drill - Annuity Contract Trent purchased a joint and survivor annuity contract from an insurance company (i.e., a commercial contract) ten years ago. Under the contract's terms, Trent is to receive payments of $60,000 per year for his life. Upon Trent's death, his daughter is to receive $15,000 annually for her life. This year, when his daughter is 38 years old, Trent dies. The cost of an annuity paying $15,000 annually for a female age 38 years is $40,000. The value of the annuity contract included in Trent's estate is s