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nirvana33 [79]
3 years ago
13

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?
A. $100
B. $80
C. $48
D. $20
E. None of the Above
Business
1 answer:
Brilliant_brown [7]3 years ago
8 0

Answer:

B. $80

Explanation:

The annuity exclusion ratio is ($4,800/($100*240))= 20% return of capital per payment. Hence, $80 of the $100 monthly payment is include in gross income

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