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Taxpayer (T) a 59 year-old calendar year individual taxpayer purchased an annuity from an insurance company for $100,000 in 2019. The terms of the annuity
- Taxpayer (T) a 59 year-old calendar year individual taxpayer purchased an annuity from an insurance company for $100,000 in 2019. The terms of the annuity were that the company would pay T $5,000 a year to T for the rest of Ts life. How much income will T include in Ts personal income tax return as a result of receiving the $5,000 payment
in 2020? _____________
In 2050? ______________
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Payroll Accounting 2016
Authors: Bernard J. Bieg, Judith Toland
26th edition
978-1305665910, 1305665910, 1337072648, 978-1337072649
