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Gramps purchased a joint survivor annuity that pays $1,000 monthly over his remaining life and...

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Accounting

Gramps purchased a joint survivor annuity that pays $1,000 monthly over his remaining life and that of his wife, Gram. Gramps is 70
years old and Gram is 65 years old. Gramps paid $207,900 for the contract. How much income will Gramps recognize on the first
payment? (Hint: Review Table VI from Regulations Section 1.72-9 on the IRS website.)
Amount to be included in gross income
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