Gramps is 70 years old and gram is 65 years old gramps, Taxation

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Gramps is 70 years old and gram is 65 years old gramps

Gramps purchased a joint survivor annuity that pays $500 monthly over his remaining life and that of his wife, Gram. Gramps is 70 years old and Gram is 65 years old. Gramps paid $97,020 for the contract. How much income will Gramps recognize on the first payment?

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Taxation: Gramps is 70 years old and gram is 65 years old gramps

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Taxation: Gramps is 70 years old and gram is 65 years old gramps

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