This year Larry received the first payment from an annuity that promises to pay him $3,000 per

Question:

This year Larry received the first payment from an that promises to pay him $3,000 per month for the rest of his life. The IRS tables indicate that given Larry's age, he should expect to receive 310 monthly payments. The cost of the to Larry was $620,000.
How much of the first $3,000 payment should Larry include in gross income?

Annuity
An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...