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Gregg purchased an annuity contract for $92,400. The contract stated that he would receive $550...

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Accounting

Gregg purchased an annuity contract for $92,400. The contract stated that he would receive $550 a month for life, starting January 1, 2012. On that date, Gregg's remaining life expectancy was 20 years. For 2018, how much of the $6,600 of annuity payments can Gregg exclude from gross income?

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