Accounting -Brian, a calendar-year taxpayer, purchased an annuity contract

| January 30, 2017

Question
Brian, a calendar-year taxpayer, purchased an annuity contract which started paying him $54 each month on June 1, of the current year. The annuity cost him $2,400, and it has an expected return of $7,200. How much of this annuity is includable in gross income for the current year?

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