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Question: in 201819 xiang a retired teacher of humanities had two...

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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.

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