Calculator In 2019 Todd purchased an annuity for $150,000. The annuity is to pay him $2,500 per month for the rest of his life. His life expectancy is 100 months. Which of the following is correct? a. For each $2,500 payment received in the first year, Todd must include $1,500 in gross income. b. If Todd collects 20 payments and then dies in 2019, Todd's estate should amend his tax returns for 2019 and 2020 and eliminate all of the reported income from the annuity for those years. c. Todd is not required to recognize any income until he has collected 60 payments (60 × $2,500 = $150,000). d. For each $2,500 payment received in the first year, Todd must include $1,000 in gross income. e. None of these choices are correct.