Don Smith’s wife died in January while still employed and, as her beneficiary, he began receiving an annuity of $147 per month. There was no investment in the contract after June 30, 2013. The investment in the contract was $7,938. Don Smith, age 65, received his first monthly annuity check as of February 3, 2020. Determine the amount of his pension to be included in his gross income.
Don Smith’s wife died in January while still employed and, as her beneficiary, he began receiving an annuity of $147 per month. There was no investment in the contract after June 30, 2013. The investment in the contract was $7,938. Don Smith, age 65, received his first monthly annuity check as of February 3, 2020. Determine the amount of his pension to be included in his gross income.
Chapter3: Income Sources
Section: Chapter Questions
Problem 39P
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- Don Smith’s wife died in January while still employed and, as her beneficiary, he began receiving an annuity of $147 per month. There was no investment in the contract after June 30, 2013. The investment in the contract was $7,938. Don Smith, age 65, received his first monthly annuity check as of February 3, 2020. Determine the amount of his pension to be included in his gross income.
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT