Charles purchased an annuity from an insurance company that, Financial Accounting

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Charles purchased an annuity from an insurance company that

Charles purchased an annuity from an insurance company that promised to pay him $20,000 per year for the next 12 years. Charles paid $180,000 for the annuity. How much of the first $20,000 payment should Charles include in gross income?

A. $0

B. $5,000

C. $15,000

D. 20,000

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Financial Accounting: Charles purchased an annuity from an insurance company that

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