Geoff purchased a life annuity for $4,800 that will provide him $100 monthly payments for as long as he lives. Based on IRS tabl

Question

3 years ago

10

es, Geoff’s life expectancy is 240 months. How much of the first $100 payment will George include in his gross income?

1 answer:

Anestetic [448] · Answer 1 · 2022-03-03T07:19:04+03:00

3 0

Answer:George will receive $1200

first $100 payment which will included in his gross income.

Step-by-step explanation:

His gross income will be $100 per months multiple by 12months which will be his first $100 payment.

$100× 12=$1200