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With regard to DOE's annuity, DOE receives $500 per month. DOE's mother purchased the 10...

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Accounting

With regard to DOE's annuity, DOE receives $500 per month. DOE's mother purchased the 10 year fixed term annuity contact five years ago for $30,000. Assume DOE receives all annuity payments for each year of his ownership and there are a full 5 years left on the contract when he receives the annuity from his mother. How is this treated for doe when he files taxes? What's the exclusion amount and exclusion ratio?

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