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Alex paid $90,000 for a single-life annuity. He will receive $7,000 per year for 20...

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Accounting

Alex paid $90,000 for a single-life annuity. He will receive $7,000 per year for 20 years, his life expectancy according to Treasury Department. How much taxable income from the annuity must he report each year? Show and label calculations.

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