Taxpayer purchased an annuity from an insurance company that promised to pay her $$1,750$ per month for the rest of her life. Taxpayer paid $$240,240$ for the annuity and is $68$ years of age. Determine the amount of the first payment Taxpayer must include in gross income.

Taxpayer purchased an annuity from an insurance company that promised to pay her $$1,750$ per month for the rest of her life. Taxpayer paid $$240,240$ for the annuity and is $68$ years of age. Determine the amount of the first payment Taxpayer must include in gross income.