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Xin is 70 years old, and this year she begins receiving annuity payments from Kool...

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Accounting

Xin is 70 years old, and this year she begins receiving annuity payments from Kool Insurance Company. Kool Insurance will pay her $12,000 per year for the rest of her life. Xin paid 117,000 for the annuity. What amount of the annuity payment will Xin include in her gross income this year?

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