Sixteen years ago,Ms.Herbert purchased an annuity for $96,000.Beginning in September of this year,the annuity began paying Ms.Herbert $4,000 per month for the rest of her life.Based on her age,Ms.Herbert's expected return is $300,000.How much of the $16,000 that she received this year is included in taxable income?
A) $0
B) $5,120
C) $10,880
D) None of the above
Correct Answer:
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