Homework Answers
Ans-a-1- The amount of each $4,160 payment may be deducted as alimony by Joan-
$2,912
a-2-The amount of each $4,160 payment must be included in Bill's taxable income:-
$2,912
a-3- $4,160 deductible.
Ans-b -1-The taxable gain must be recognized by Jane at the time of transfer-
$0
b-2-The amount of Tom's tax basis in the property he received from Jane-
$308,160
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a. Under a 2017 divorce agreement, Joan is required to pay her ex-husband, Bill, $4,160 a...
Answer the following questions: If your answer is zero, enter "0". a. Under a 2017 divorce...
Answer the following questions: If your answer is zero, enter "0". a. Under a 2017 divorce agreement, Joan is required to pay her ex-husband, Bill, $1,365 a month until their daughter is 18 years of age. At that time, the required payments are reduced to $955 per month. 1. How much of each $1,365 payment may be deducted as alimony by Joan? $ 2. How much of each $1,365 payment must be included in Bill's taxable income? $ 3. How...
Under the terms of a non-revised divorce agreement executed in 2018. Bev was to pay her...
Under the terms of a non-revised divorce agreement executed in 2018. Bev was to pay her husband Leon $4,000 per month in alimony and $1,500 per month in child support. For a twelve-month period, what is the amount that Bev can deduct from gross income and Leon must include in gross income? Multiple Choice О o so. о SA8,000. о $18,000. с S66,000.
Under the terms of a divorce agreement, Foster is to pay his wife Dorian $1,000 per...
Under the terms of a divorce agreement, Foster is to pay his wife Dorian $1,000 per month. Under the agreement, of this $1,000 per month, $200 is for child support and $800 is alimony. During the current year, Foster paid $12,000 under the agreement. The couple divorced in 2010. How much of these payments can Foster deduct for AGI (and Dorian must include in gross income)?
Under the terms of a divorce agreement, Foster is to pay his wife Dorian $1,000 per...
Under the terms of a divorce agreement, Foster is to pay his wife Dorian $1,000 per month. Under the agreement, of this $1,000 per month, $200 is for child support and $800 is alimony. During the current year, Foster paid $12,000 under the agreement. The couple divorced in 2010. How much of these payments can Foster deduct for AGI (and Dorian must include in gross income)?
QUESTION 27 Under the terms of a property settlement executed during the current year, Cindy transferred...
QUESTION 27 Under the terms of a property settlement executed during the current year, Cindy transferred a house worth $350,000 to her ex husband, Carl. The property has a tax basis to Cindy of $300,00 a How much taxable gain or loss must be recognized by Cindy at the time of the transfer? What is Carl's tax basis in the property he received from Cindy? b TT T Arial 3 (12pt) T.EE
7. Alimony and Child Support. (Obj. 1) Under the terms of their divorce finalized in 2017,...
7. Alimony and Child Support. (Obj. 1) Under the terms of their divorce finalized in 2017, Henry is to pay Winona $1,000 a month. The terms of the agreement specify that $550 of each payment is to be for child support. a. If Henry makes all of his required payments during the current year, how much must Winona include in gross income? What amount can Henry deduct? b. How, if at all, would your answer to Part a. change if...
13. TSU sold her ho me in Houston. TSU and her ex-husband purchased the home four years ago for and TSU received the house in the divorce settlement and lived there until she moved to Fifth Ward...
13. TSU sold her ho me in Houston. TSU and her ex-husband purchased the home four years ago for and TSU received the house in the divorce settlement and lived there until she moved to Fifth Ward in January. TSU sold the home for $ 550,000. How much taxable gain does TSU reco a. $150,000 b. $250,000 c. The sales price minus real estate commissions gnize on the sale of the home? d. $O
13. TSU sold her ho me...
Interview Notes • Tamara is 52 years old and her divorce became final on September 20,...
Interview Notes • Tamara is 52 years old and her divorce became final on September 20, 2014 and has not been modified. The divorce decree stipulates she is required to pay alimony of $500 a month to her ex-husband. She paid him a total of $6,000 in 2019. • Tamara pays all the cost of keeping up her home in the United States. She earned $40,500 in wages in 2019, her only income. • Tamara's daughter. Kimberly, lived with Tamara...
Nell and Kirby are in the process of negotiating their divorce agreement, to be finalized in...
Nell and Kirby are in the process of negotiating their divorce agreement, to be finalized in 2018. What should be the tax consequences to Nell and Kirby if the following, considered individually, became part of the agreement? a. In consideration for her one-half interest in their personal residence, Kirby will transfer to Nell stock with a value of $200,000 and $50,000 of cash. Kirby's cost of the stock was $150,000, and the value of the personal residence is $500,000. They...
Nell and Kirby are in the process of negotiating their divorce agreement, to be finalized in...
Nell and Kirby are in the process of negotiating their divorce agreement, to be finalized in 2018. What should be the tax consequences to Nell and Kirby if the following, considered individually, became part of the agreement? a. In consideration for her one-half interest in their personal residence, Kirby will transfer to Nell stock with a value of $200,000 and $50,000 of cash. Kirby's cost of the stock was $150,000, and the value of the personal residence is $500,000. They...
Under the terms of a non-revised divorce agreement executed in 2018. Bev was to pay her husband Leon $4,000 per month in alimony and $1,500 per month in child support. For a twelve-month period, what is the amount that Bev can deduct from gross income and Leon must include in gross income? Multiple Choice О o so. о SA8,000. о $18,000. с S66,000.
Under the terms of a divorce agreement, Foster is to pay his wife Dorian $1,000 per month. Under the agreement, of this $1,000 per month, $200 is for child support and $800 is alimony. During the current year, Foster paid $12,000 under the agreement. The couple divorced in 2010. How much of these payments can Foster deduct for AGI (and Dorian must include in gross income)?
QUESTION 27 Under the terms of a property settlement executed during the current year, Cindy transferred a house worth $350,000 to her ex husband, Carl. The property has a tax basis to Cindy of $300,00 a How much taxable gain or loss must be recognized by Cindy at the time of the transfer? What is Carl's tax basis in the property he received from Cindy? b TT T Arial 3 (12pt) T.EE
7. Alimony and Child Support. (Obj. 1) Under the terms of their divorce finalized in 2017, Henry is to pay Winona $1,000 a month. The terms of the agreement specify that $550 of each payment is to be for child support. a. If Henry makes all of his required payments during the current year, how much must Winona include in gross income? What amount can Henry deduct? b. How, if at all, would your answer to Part a. change if...
13. TSU sold her ho me in Houston. TSU and her ex-husband purchased the home four years ago for and TSU received the house in the divorce settlement and lived there until she moved to Fifth Ward in January. TSU sold the home for $ 550,000. How much taxable gain does TSU reco a. $150,000 b. $250,000 c. The sales price minus real estate commissions gnize on the sale of the home? d. $O
13. TSU sold her ho me...
Interview Notes • Tamara is 52 years old and her divorce became final on September 20, 2014 and has not been modified. The divorce decree stipulates she is required to pay alimony of $500 a month to her ex-husband. She paid him a total of $6,000 in 2019. • Tamara pays all the cost of keeping up her home in the United States. She earned $40,500 in wages in 2019, her only income. • Tamara's daughter. Kimberly, lived with Tamara...
Nell and Kirby are in the process of negotiating their divorce agreement, to be finalized in 2018. What should be the tax consequences to Nell and Kirby if the following, considered individually, became part of the agreement? a. In consideration for her one-half interest in their personal residence, Kirby will transfer to Nell stock with a value of $200,000 and $50,000 of cash. Kirby's cost of the stock was $150,000, and the value of the personal residence is $500,000. They...
Nell and Kirby are in the process of negotiating their divorce agreement, to be finalized in 2018. What should be the tax consequences to Nell and Kirby if the following, considered individually, became part of the agreement? a. In consideration for her one-half interest in their personal residence, Kirby will transfer to Nell stock with a value of $200,000 and $50,000 of cash. Kirby's cost of the stock was $150,000, and the value of the personal residence is $500,000. They...
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