Lando purchased an annuity that promises to pay him $2,000 p…
Lando purchased an annuity that promises to pay him $2,000 per month for the rest of his life. Lando paid $396,000 for the annuity using his personal savings. Lando’s life expectancy at the time he began receiving the payments was 30 years. What is the amount of deduction allowed on Lando’s final tax return if Lando dies soon after receiving the 300th payment?
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