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statutory exclusion. Commissioner v. Glenshaw Glass Co., supra
at 429-431.
In general, section 72 deals with the income tax treatment
of annuities. Section 72 prescribes rules regarding the
inclusion in gross income of amounts received under a life
insurance, endowment, or annuity contract except where such
amounts are specifically excluded from gross income under other
provisions of chapter 1 of the Code. These rules provide that,
in general, the amounts subject to the provisions of section 72
are includable in the gross income of the recipient except to the
extent that they are considered to represent a reduction or
return of premiums or other consideration paid. Sec. 1.72-1(a),
Income Tax Regs. Amounts are considered to be paid as an annuity
if they are received after the annuity starting date, they are
paid in periodic installments at regular intervals over a period
of more than one full year from the annuity starting date, and
the total of amounts payable can be determined at the annuity
starting date (subject to certain exceptions). Sec. 1.72-
2(b)(2), Income Tax Regs. As a general rule, payments received
on or after the annuity starting date are treated as payments not
received as an annuity and are taxable. Sec. 72(e)(2)(A).
There is simply not sufficient information in this record to
reach a conclusion whether some portion of the $8,000 payment is
not includable in income. The Court and respondent encouraged
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