Question: in 201819 xiang a retired teacher of humanities had two...
In 2018-19, Xiang, a retired teacher of humanities, had two types of
receipts. First, Xiang won $25,000 after she participated in a TV quiz
program. The quiz program was based on questions from history and
geography. Second, Xiang received a sum of $18,000 from a 10-year
annuity which she purchased for $150,000 (under the terms and
conditions, the purchase price of annuity will not be returned to Xiang).
Discuss the income tax consequences of both receipts to Xiang citing
relevant legislation and case law.