Julia, age 57, purchases an annuity for $33,600. Julia will receive $400 per month for the rest of her life. The expected return multiple is 20.0. At age 88, the amount that Julia may exclude from income is
A) $0.
B) $1,680.
C) $3,120.
D) $4,800.
Answer: A
Tax
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- Income in respect of a cash-basis decedent
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