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