! Required information [The following information applies to the questions displayed below.] Larry purchased an annuity from an insurance company that promises to pay him $11,000 per month for the rest of his life. Larry paid $1,156,320 for the annuity. Larry is in good health and is 72 years old. Larry received the first annuity payment of $11,000 this month. Use the expected number of payments in Exhibit 5-1 for this problem. a. How much of the first payment should Larry include in gross income? ! Required information [The following information applies to the questions displayed below.) Larry purchased an annuity from an insurance company that promises to pay him $11,000 per month for the rest of his life. Larry paid $1,156,320 for the annuity. Larry is in good health and is 72 years old. Larry received the first annuity payment of $11,000 this month. Use the expected number of payments in Exhibit 5-1 for this problem. es b. If Larry lives more than 15 years after purchasing the annuity, how much of each additional payment should he include in gross income? Amount to be included Required information [The following information applies to the questions displayed below.] Larry purchased an annuity from an insurance company that promises to pay him $11,000 per month for the rest of his life. Larry paid $1,156,320 for the annuity. Larry is in good health and is 72 years old. Larry received the first annuity payment of $11,000 this month. Use the expected number of payments in Exhibit 5-1 for this problem. c. What are the tax consequences if Larry dies just after he receives the 100th payment? Amount to be deducted